Origin Materials Awarded BioMADE Funding to Advance Department of Defense Sustainability Goals

Rhea-AI Impact

(No impact)

Rhea-AI Sentiment

(Neutral)

Tags

Rhea-AI Summary

Origin Materials awarded $18.7 million funding from BioMADE for development of bio-based carbon black and polymers

Positive

Origin Materials selected for a far-reaching initiative to support Department of Defense fleet decarbonization efforts

Negative

None.

09/18/2023 - 07:00 AM

World’s leading carbon-negative materials company to develop samples of bio-based carbon black and polymers for Department of Defense fleet decarbonization

WEST SACRAMENTO, Calif.--(BUSINESS WIRE)-- Origin Materials, Inc. (“Origin,” “Origin Materials,” or “The Company”) (Nasdaq: ORGN, ORGNW), the world’s leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials, announced today that it has been awarded funding from BioMADE, a Manufacturing Innovation Institute catalyzed by the U.S. Department of Defense.

BioMADE announced a suite of projects last week that aim to aid in the advancement of Department of Defense supply chain resiliency and sustainability goals, re-shore manufacturing jobs to the United States, and enhance the domestic bioindustrial manufacturing ecosystem. Origin Materials is one of nine projects announced by BioMADE, totaling $18.7 million in funding.

As part of its project, Origin will leverage its technology platform to develop samples of bio-based polymers and bio-based carbon black, which can be used to make more sustainable tires and other products, which could support Department of Defense fleet decarbonization efforts.

“This grant reflects the strong momentum for Origin’s technology platform to help solve the greatest sustainability challenges of our time,” said Origin Materials Co-CEO Rich Riley. “We are excited that Origin has been selected to pursue this far-reaching initiative for American manufacturing.”

“These projects will help unlock the benefits of bioindustrial manufacturing for all Americans – from everyday consumers to farmers to warfighters,” said Dr. Douglas Friedman, Chief Executive Officer at BioMADE in a statement. “By creating new products and transforming how we domestically manufacture existing products, these projects – and the bioindustrial manufacturing industry at large – have the potential to positively impact nearly every aspect of our lives.”

“These projects represent the breadth and depth of what can be accomplished with bioindustrial manufacturing,” said Dr. Melanie Tomczak, Head of Programs and Chief Technology Officer at BioMADE in a statement. “These innovations can play a key role in enhancing our military readiness, strengthening domestic supply chains, supporting American farmers, and creating jobs in rural communities.”

More information on the new suite of projects is available at https://www.biomade.org/news/new-projects-2023.

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, fuels, 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.

For more information, visit www.originmaterials.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, ability to enter new end-markets, ability to develop new product categories, ability of products to support the Department of Defense’s fleet decarbonization efforts, 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; 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 Ukraine, the impact of severe weather events, 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 U.S. Securities and Exchange Commission on August 9, 2023, 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 disclaims 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.