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Origin Materials and Mitsui Form Strategic Partnership to Industrialize Advanced Carbon-Negative Chemicals and Materials
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Mitsui & Co., Ltd. has signed a multi-year capacity reservation agreement to acquire sustainable carbon-negative materials from Origin Materials (NASDAQ: ORGN, ORGNW). This strategic partnership will focus on developing products for various industries, including automotive and textiles, leveraging Origin's patented technology. The collaboration aims to drive sustainable growth while reducing greenhouse gas emissions. Origin's market potential is substantial, with an estimated addressable market of ~$1 trillion.
Positive
Strategic partnership with Mitsui to industrialize sustainable carbon-negative materials.
Partnership aims to develop products across multiple high-demand industries.
Access to Mitsui's global supply chain and market innovation enhances growth potential.
Negative
None.
Mitsui signed a multi-year capacity reservation agreement to purchase sustainable carbon-negative materials from Origin Materials
WEST SACRAMENTO, Calif. & TOKYO--(BUSINESS WIRE)--
Origin Materials, Inc. (“Origin” or “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 Mitsui & Co., Ltd. (“Mitsui”), a global leader in energy, machinery, chemicals, food, textile, logistics, finance, and more, today announced a strategic partnership to industrialize advanced carbon negative materials.
This strategic partnership aims to rapidly develop and industrialize new sustainable carbon-negative products for the automotive, chemicals, electronics, packaging, textiles, construction, and personal care industries based on Origin Materials’ patented technology platform. The partnership will leverage Mitsui’s global supply chain strength, access to Japanese and international markets, and leadership in business innovation. As part of the partnership, Mitsui signed a multi-year capacity reservation agreement to purchase sustainable carbon-negative materials from Origin Materials.
“We are pleased to partner with Mitsui, a global leader in multiple business areas, including chemicals, textiles, and many others. We are strategically aligned and share a common vision for the role that sustainable, cost-competitive, carbon-negative materials can play in creating value worldwide,” said Rich Riley, Co-CEO of Origin Materials. “This partnership reflects our shared commitment to driving sustainable growth, while reducing greenhouse gas emissions. Additionally, the partnership represents further progress in Origin’s mission to enable the world’s transition to sustainable materials.”
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 Mitsui & Co, Ltd.
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries in Asia, Europe, North, Central & South America, the Middle East, Africa and Oceania. Mitsui has over 5,600 employees and deploys talent around the globe to identify, develop, and grow businesses in collaboration with a global network of trusted partners. Mitsui has built a strong and diverse core business portfolio covering the Mineral and Metal Resources, Energy, Machinery and Infrastructure, and Chemicals industries. Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multifaceted value in new areas, including innovative Energy Solutions, Healthcare & Nutrition and through a strategic focus on high-growth Asian markets. This strategy aims to derive growth opportunities by harnessing some of the world’s main mega-trends: sustainability, health & wellness, digitalization and the growing power of the consumer.
For more information on Mitsui & Co’s businesses, visit www.mitsui.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, commercial and operating plans and product development plans. 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 Quarterly Report on Form 10-Q filed with the SEC on November 12, 2021 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.
