Origin Materials Provides Business Update Ahead of Analyst Day
Origin Materials has reported a 90% increase in customer demand from offtake agreements and capacity reservations, amounting to $1.9 billion. This growth follows its business combination agreement with Artius Acquisition Inc. The company has secured partnerships with notable firms like PrimaLoft and Solvay for developing carbon-negative materials. Additionally, two experienced professionals, Benno Dorer and Kathleen Fish, will join the Board of Directors post-combination. Origin's first commercial plant is anticipated to start operations in 2022, with plans for further expansions by 2025.
- Customer demand increased by 90% to $1.9 billion.
- New partnerships with PrimaLoft, Solvay, and others enhance growth prospects.
- Addition of experienced board members boosts leadership.
- None.
Origin Materials, Inc. (“Origin Materials”), the world’s leading carbon negative materials company, provided the following business update ahead of its Analyst Day, taking place today at 11:00 AM ET. A replay of management’s prepared remarks at the Analyst Day will be available Tuesday, April 20, 2021 on the Company’s investor relations page: https://www.originmaterials.com/investors.
New and Expanded Customer Partnerships
Since announcing a definitive agreement for a business combination on February 17, 2021 with Artius Acquisition Inc. (“Artius”) (Nasdaq: AACQU, AACQ) that will result in Origin Materials becoming a public company, the Company increased its customer demand from offtake agreements (including customer options) and capacity reservations by
- April 19, 2021: Strategic alliance with PrimaLoft to develop carbon negative insulating fiber for outdoor gear, bedding and apparel.
- April 19, 2021: Partnership with Solvay to develop advanced carbon negative materials for the automotive industry.
- April 12, 2021: Partnership with Packaging Matters to advance carbon negative packaging solutions, building on existing 10-year supply agreement.
- April 6, 2021: Partnership with AECI Much Asphalt to develop low-carbon asphalt.
- April 5, 2021: Partnership with AEC Sans Technical Fiber to develop carbon negative materials for apparel and automotive applications.
Additions to Board of Directors
Origin Materials is also pleased to announce the addition of two seasoned veterans to the Board of Directors of the combined company who will join upon completion of the business combination.
Benno O. Dorer – From November 2014 until September 2020, Mr. Dorer served as Chief Executive Officer of the Clorox Company and as Chairman of the Clorox Company from August 2016 until February 2021. Prior to his time at the Clorox Company, Mr. Dorer held various marketing and sales roles at The Procter & Gamble Company in Europe and the United States. Mr. Dorer had also previously served the Consumer Brands Association, the trade association for the consumer packaged goods industry, as Board Director and Vice Chairman until 2020. Mr. Dorer is currently a Senior Advisor to KKR & Co. Inc. and a Board Director of VF Corporation and Wella Company. Mr. Dorer has been selected to serve on the Board of Directors of Origin Materials due to his extensive experience in the consumer and professional products industry.
Kathleen B. Fish – From February 2014 until December 2020, Ms. Fish served as Chief Research, Development and Innovation Officer of Procter & Gamble. Prior to this, Ms. Fish served as Vice President of the Global Fabric Care R&D organization at Procter & Gamble from January 2009 to January 2014, and as Vice President of the Global Baby Care R&D organization at Procter & Gamble from November 2003 to November 2008. Ms. Fish joined Procter & Gamble in 1979 as part of its Product Development (R&D) organization. Ms. Fish is currently a member of the USA Swimming Board of Directors. Ms. Fish has been selected to serve on the Board of Directors of Origin Materials due to her leadership experience in the consumer goods industry.
Management Commentary
“Since announcing our business combination with Artius, we have made significant progress in advancing our mission to enable the world’s transition to sustainable materials,” said Rich Riley, Co-CEO of Origin Materials. “Our new and expanded strategic customer partnerships further strengthen our carbon negative technology platform. We have added key technical talent to our team with expertise in industrial chemical engineering, petrochemicals, solids processing, refining and renewable energy. And we will bolster our Board of Directors with industry leaders that bring a proven track record in driving growth and innovation at world class CPG companies. With our breakthrough technology, blue chip customer base and deep bench of talent, we are uniquely positioned to disrupt and decarbonize the materials industry supply chain, grow our business globally and deliver long-term shareholder value.”
About Origin Materials
Headquartered in West Sacramento, Origin Materials is the world's leading carbon negative materials company. Origin Materials’ mission is to enable the world’s transition to sustainable materials. Over the past 10 years, Origin Materials has developed a platform for turning the carbon found in non-food biomass into useful materials, while capturing carbon in the process. Origin Materials’ patented drop-in core technology, economics and carbon impact are supported by a growing list of major global customers and investors. Origin Materials’ first commercial plant is expected to be operational in 2022 with a second commercial plant expected to be operational by 2025 and plans for additional expansion over the next decade.
For more information, visit www.originmaterials.com.
About Artius Acquisition Inc.
Artius is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Artius was co-founded by Charles Drucker, the former CEO of WorldPay, Inc., a leading payments company, and its predecessor company, Vantiv. Inc., and Boon Sim, the Founder and Managing Partner of Artius Capital Partners LLC.
For more information, visit https://www.artiuscapital.com/acquisition.
Important Information for Investors and Shareholders
In connection with the proposed business combination transaction, Artius filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC on March 9, 2021, which includes a preliminary proxy statement to be distributed to holders of Artius’ ordinary shares in connection with Artius’ solicitation of proxies for the vote by Artius’ shareholders with respect to the proposed transaction and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of securities to be issued to Artius’ shareholders and Origin Materials’ stockholders in connection with the proposed transaction. After the Registration Statement has been declared effective, Artius will mail a definitive proxy statement, when available, to its shareholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about Artius, Origin Materials and the proposed transaction. The documents relating to the proposed transaction (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. Free copies of these documents, once available, may also be obtained from Artius by directing a request to: Artius Management LLC, 3 Columbus Circle, Suite 2215, New York, New York 10019.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including with respect to the proposed transaction between Origin Materials and Artius. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin Materials’ business strategy, estimated total addressable market, commercial and operating plans, product development plans and projected financial information. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Origin Materials and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin Materials and Artius. These forward-looking statements are subject to a number of risks and uncertainties, including that Origin Materials may be unable to successfully commercialize its products; the effects of competition on Origin Materials’ business; the uncertainty of the projected financial information with respect to Origin Materials; disruptions and other impacts to Origin Materials’ business as a result of the COVID-19 pandemic and other global health or economic crises; changes in customer demand; Origin Materials and Artius may be unable to successfully or timely consummate the proposed business combination, including the risk that any regulatory approvals may not obtained, may be delayed or may be subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination, or that the approval of the stockholders of Artius or Origin Materials may not be obtained; failure to realize the anticipated benefits of the business combination; the amount of redemption requests made by Artius’ stockholders, and those factors discussed in the Registration Statement under the heading “Risk Factors,” and other documents Artius has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Origin Materials presently does not know, or that Origin Materials currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Origin Materials’ expectations, plans, or forecasts of future events and views as of the date of this press release. Origin Materials anticipates that subsequent events and developments will cause its assessments to change. However, while Origin Materials may elect to update these forward-looking statements at some point in the future, Origin Materials specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Origin Materials’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Participants in the Solicitation
Artius, Origin Materials and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from Artius’ shareholders in connection with the proposed business combination. Information about Artius’ directors and executive officers and their ownership of Artius’ securities is set forth in the Registration Statement described above. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading other documents Artius has filed, or will file, with the SEC regarding the proposed business combination, including the definitive proxy statement when it becomes available.
Non-Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Artius, the combined company or Origin Materials, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
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FAQ
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