Origin Materials and Indorama Ventures Announce a Strategic Partnership to Accelerate the Mass Production of Bio-Based Materials
- Origin Materials and Indorama Ventures have formed a strategic partnership to mass-produce bio-based materials, which could positively impact the stock price of both companies. The conversion of an Indorama Ventures' facility into a bio-based materials plant shows their commitment to sustainability and innovation. The production of samples for high-profile brands indicates potential future collaborations and market demand for bio-based materials.
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Companies to explore converting an Indorama Ventures’
Companies to produce samples for use in limited-volume product launches with high-profile brands
Origin Materials (NASDAQ: ORGN, ORGNW) and Indorama Ventures (Bloomberg ticker IVL.TB) signed a strategic memorandum of understanding (“MOU”) to explore initiatives related to the rapid commercialization of low-carbon, bio-based materials. Initiatives include evaluating the use of existing Indorama Ventures’ units in
Under the MOU, the companies will also study the potential to use production samples of bio-based materials in limited-volume product launches in partnership with high-profile brands. The materials could potentially be used in packaging, textiles, films, and automotive applications. These could include bio-PET, bio-PTA, the advanced bio-based chemical FDCA (furandicarboxylic acid), and co-polyesters that have an advantage over traditional PET plastic.
The companies share a strategic interest in rapidly deploying Origin Materials’ carbon-negative technology platform, which converts sustainable wood residues into useful materials. The partnership is expected to enhance the value of Indorama Ventures’ global petrochemical manufacturing footprint and support the company’s Vision 2030 to build on its industry leadership in sustainability by adopting low-carbon intensity, bio-based materials.
Rich Riley, Co-Chief Executive Officer of Origin Materials, said, “We are thrilled to partner with Indorama Ventures, the world’s largest producer of virgin and recycled PET resins, to combine our strengths across technology development, commercial production, and supply chain operations. Our shared ambition is to drive rapid, meaningful change throughout industry by developing new products and exploring the conversion of existing petroleum-based plants into plants producing low-carbon intensity and performance-enhanced bio-based materials. Together we aim to help decarbonize the world’s materials.”
Yash Lohia, Chairman of the ESG Council at Indorama Ventures, said, “As part of our Vision 2030, we are striving to explore and employ advanced technologies for sustainability. Strategic partnerships that speed up the introduction of innovative new technology play an important role, including this one with Origin Materials. Driving the commercialization of bio-based materials production will create advantages for Indorama Ventures as well as the chemical industry and other sectors. We are excited to bring more sustainable solutions to our customers and together create a better world.”
About Origin Materials
Headquartered in
Origin’s bio-PTA and bio-PET are sustainable, carbon-negative alternatives to traditional petroleum-based PTA and PET and can be made using non-food,
Origin is committed to addressing the most pressing sustainability and performance challenges in packaging, textiles, films, automotive applications, and beyond. For brands looking for more information about incorporating bio-based and carbon-negative materials into limited-volume product launches, contact bizdev@originmaterials.com.
For more information, visit www.originmaterials.com.
About Indorama Ventures Public Company Limited (IVL)
Indorama Ventures Public Company Limited, listed in
For more information, visit www.indoramaventures.com
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. 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, access to traditional financing sources, budget and timelines to complete Origin 1 and Origin 2, ability to convert capacity reservations and offtake agreements into revenue, ability to enter new end-markets, ability to develop new product categories, commercial and operating plans, product development plans, anticipated growth and projected financial information and ability to realize the anticipated benefits of any partnerships discussed in the press release. 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. 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; disruptions and other impacts to Origin’s business as a result of outbreaks such as the COVID-19 pandemic, Russia’s military intervention in
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Origin Materials:
Investors: ir@originmaterials.com
Media: media@originmaterials.com
Indorama Ventures:
Stuart Kelly
stuart.k@indorama.net
Source: Origin Materials, Inc.
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