WEST SACRAMENTO, Calif.--(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, announced today that it has earned the U.S. Department of Agriculture (USDA) Certified Biobased Product label for multiple additional products. The certification affirms that Origin’s furandicarboxylic acid (“FDCA”), purified terephthalic acid (“PTA”), and para-xylene (“pX”), when produced at full commercial capacity, are expected to be 100% biobased, allowing Origin to display a unique USDA label highlighting this designation.
This certification adds to Origin’s previously announced USDA Certified Biobased Products, which includes chloromethyl furfural (“CMF”) and hydrothermal carbon (“HTC”).
Third-party verification for a product’s biobased content is administered through the USDA BioPreferred Program, an initiative created by the 2002 Farm Bill (and reauthorized by the 2018 Farm Bill).
As certified 100% biobased products, Origin’s FDCA, PTA and pX qualify for mandatory federal purchasing by meeting or exceeding the minimum biobased content requirements for one or more product categories identified by the USDA.
FDCA is a raw material whose commercial applications include surfactants, epoxy resins, and the next-gen polymer PEF (polyethylene furanoate). PTA is a fundamental feedstock for a broad variety of market applications, including PET polyester packaging, textiles, clothing, plastics, car parts, tires, carpeting, and toys. Para-xylene is a versatile chemical feedstock used in the large-scale synthesis of widely used polymers including PTA and PET for applications such as textiles, plastic packaging, clothing, and automotive components.
“Earning the USDA Certified Biobased Product label for additional products marks important progress in our mission to enable the world’s transition to sustainable, carbon-negative materials,” said Origin Materials Co-CEO Rich Riley. “These products represent a significant global market opportunity, and we are pleased that Origin’s FDCA, PTA, and pX have joined CMF and HTC in the list of Origin products that have achieved the certification.”
“We applaud Origin Materials for earning the USDA Certified Biobased Product label,” said Vernell Thompson, USDA BioPreferred Program. “Products from Origin Materials will contribute to an ever-expanding marketplace that adds value to renewable agriculture commodities, creates jobs in rural communities, and decreases our reliance on petroleum.”
Managed by the U.S. Department of Agriculture (USDA), the BioPreferred Program aims to increase the purchase and use of biobased products. The program's purpose is to spur economic development, create new jobs, and provide new markets for farm commodities. The increased development, purchase, and use of biobased products reduces our nation's reliance on petroleum, increases the use of renewable agricultural resources, and contributes to reducing adverse environmental and health impacts.
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.
For more information, visit www.originmaterials.com.
The BioPreferred Program is a USDA-led initiative that assists the development and expansion of markets for biobased products. The BioPreferred Program is transforming the marketplace for biobased products through two initiatives: mandatory purchasing requirements for federal agencies and federal contractors and voluntary product certification and labeling.
Biobased products span a diverse range of applications, such as lubricants, cleaning products, chemicals, and bioplastics. The USDA Certified Biobased Product label communicates a product's biobased content. Expressed as a percentage, biobased content is the ratio of non-fossil organic carbon (new organic carbon) to total organic carbon in a product. New organic carbon is derived from recently-created materials. The total organic carbon in a product consists of new organic carbon and old organic carbon that originates from fossil carbon materials, such as petroleum, coal, or natural gas. More than 3,500 products have earned the USDA Certified Biobased Product label.
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; failure to realize the anticipated benefits of the business combination; and those factors discussed in the Quarterly Report on Form 10-Q filed with the SEC on May 9, 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.
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USDA BioPreferred Program
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