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Origin Materials and Mitsubishi Chemical Holdings Group Partner to Develop Advanced Carbon-Negative Materials for Tires
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Origin Materials has partnered with Mitsubishi Chemical Holdings Group to develop sustainable materials that replace carbon black in tire manufacturing. Utilizing Origin's patented technology, the collaboration aims to create high-performance analogs of specialty carbon black from hydrothermal carbon. This strategic agreement is significant, as the global carbon black market is projected to reach $26 billion by 2025, with tires being a major consumer. The partnership emphasizes both companies' commitment to reducing carbon emissions in the automotive industry.
Positive
Strategic partnership with Mitsubishi Chemical Holdings enhances market presence.
Partnership targets a projected $26 billion global carbon black market.
Utilizes patented technology to produce sustainable materials.
Expected reduction in carbon footprint for tire manufacturing.
Negative
None.
Strategic collaboration to convert carbon-negative materials from Origin into high-performance materials that replace carbon black in automobile tires
WEST SACRAMENTO, Calif. & TOKYO--(BUSINESS WIRE)--
Origin Materials, Inc. (“Origin” and “Origin Materials”) (NASDAQ: ORGN, ORGNW), the world’s leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials, and Mitsubishi Chemical Holdings Group (“MCHG”), Japan’s leading diversified chemicals and advanced materials producer, today announced a partnership to develop advanced chemicals and materials built on Origin Materials’ patented technology platform.
As part of the strategic partnership, MCHG will convert hydrothermal carbon (HTC) produced by Origin into high-performance analogs of specialty carbon black materials. These materials will be tested and further developed with one of the world’s largest tire manufacturers. The partnership will leverage MCHG’s global supply chain strength, access to Japanese and international markets, and technical innovation capabilities.
The global market for carbon black is projected to reach $26 billion by 2025, expanding at 6% CAGR, according to Grand View Research, Inc. Approximately 70% of the world’s carbon black is used as a reinforcing filler in tires.
Origin’s patented technology platform, which turns the carbon found in sustainable wood residues into useful materials, can help revolutionize tire manufacturing by significantly reducing the products’ carbon footprint as compared to tires made with fossil-based carbon black.
The partnership includes a joint development agreement (JDA) between Origin, and the Carbon Materials business unit of MCHG. The partnership reflects MCHG’s efforts to achieve carbon neutrality by utilizing biomass in the development of materials while attaining sustainable growth.
Origin Materials Commentary:
“We look forward to partnering with Mitsubishi Chemical Holdings Group to develop new, better materials for making tires while dramatically reducing carbon emissions,” said Origin Materials Co-CEO Rich Riley. “Mitsubishi Chemical Holdings Group’s deep manufacturing capabilities, technical expertise, and global customer network can enable broad adoption of Origin’s technology and help drive the ‘once in a planet’ shift to sustainable materials taking place in the automotive industry.”
Mitsubishi Chemical Holdings Group Commentary:
Mitsubishi Chemical Holdings Group’s carbon black is a tech-based and innovative industry-leading product used for prestige tires, paints, and LCDs. MCHG holds a policy toward carbon neutrality by 2050. MCHG already put carbon black from plant oil into the market in 2012. Joint Development with Origin Materials will further accelerate MCHG’s efforts toward carbon neutrality and sustainable growth.
About Origin Materials Headquartered in West Sacramento, Origin Materials is the world's leading carbon negative materials company. Origin’s mission is to enable the world’s transition to sustainable materials. For over a decade, Origin has developed a platform for turning the carbon found in inexpensive, plentiful, non-food biomass such as sustainable wood residues into useful materials while capturing carbon in the process. Origin’s patented technology platform can help revolutionize the production of a wide range of end products, including clothing, textiles, plastics, packaging, car parts, tires, carpeting, toys, and more with a ~$1 trillion addressable market. In addition, Origin’s technology platform is expected to provide stable pricing largely decoupled from the petroleum supply chain, which is exposed to more volatility than supply chains based on sustainable wood residues. Origin’s patented drop-in core technology, economics and carbon impact are supported by a growing list of major global customers and investors.
About Mitsubishi Chemical Holdings Group Mitsubishi Chemical Holdings Group seeks to provide solutions to environmental and social issues and to contribute to the sustainable development of people, society and the Earth through its businesses built on a foundation of chemistry. In this way, we aim to realize KAITEKI – a condition that contributes to sustainable development that is optimal for people, society, and the Earth.
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 and estimated total addressable market. 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; 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; and those factors discussed in the Annual Report on Form 10-K filed with the SEC on March 1, 2022 under the heading “Risk Factors,” and other documents Origin Materials 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.
