WEST SACRAMENTO, Calif. & LATHAM, N.Y.--(BUSINESS WIRE)--Origin Materials, Inc. (“Origin Materials”), the world’s leading carbon negative materials company, and PrimaLoft, an advanced material technology company and a world leader in the development of high-performance insulations and fabrics, today announced a strategic alliance to develop carbon-negative, insulating, high-performance fibers. The fibers will be used across a diverse array of end products, including insulating fiber for leading outdoor, fashion, and lifestyle brands, as well as home goods applications such as hypoallergenic insulated bedding.
PrimaLoft has signed a capacity reservation agreement with Origin Materials and the companies will work to rapidly develop and commercialize new products derived from Origin Materials’ platform. The collaboration will leverage the leadership position of PrimaLoft as a specialty producer of insulating fibers and filaments with over 900 global brand partners, including iconic brands like Patagonia, Stone Island, L.L. Bean, Lululemon, adidas and Nike, as well as a large global network of manufacturers that employ a wide array of textile processes to make its products, including extrusion, carding, spinning, finishing, weaving, knitting, dyeing, airlaid, meltblown, and other technologies.
With its brand building team, PR team, global sales organization, and brand partners, as well as its working relationships with the six largest global premium fiber manufacturers, PrimaLoft is well-positioned to partner with Origin Materials to provide the textile industry with novel carbon-negative material solutions. The collaboration will focus on developing fibers from carbon-negative PET and next-generation polymers produced with Origin Materials’ patented technology platform.
The collaboration builds on PrimaLoft’s “Relentlessly Responsible™” mission to elevate both performance and sustainability, through innovation. The platform includes PrimaLoft® Bio™, which was developed and launched into the market in late 2018 as an effort to battle microplastics in the ocean; PrimaLoft® P.U.R.E.™, which provides materials manufactured with greater than 50% CO2 savings; and PrimaLoft’s post-consumer recycling initiative. The next frontier for the company is non-petroleum based raw materials, including products that biodegrade and other circular economy solutions.
Origin Materials believes its technology platform, which turns inexpensive, sustainable wood residues into carbon-negative materials, will 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 Materials’ technology platform is expected to provide stable pricing largely de-coupled from the petroleum supply chain, which is exposed to more volatility than supply chains based on wood.
“We are thrilled to partner with PrimaLoft, a leader in sustainability and advanced, engineered insulating products for apparel, outdoor gear, and home goods. We have a shared vision for how materials can help the world transition to net zero carbon as soon as possible,” said Origin Materials co-CEO Rich Riley. “Together, we can develop innovative solutions that will bring tremendous value to PrimaLoft’s customers and result in a significant reduction of carbon emissions in the apparel, outdoor, and home goods sectors.”
“Partnering with Origin Materials, a company on the cutting edge of carbon negative materials, is a significant step in our Relentlessly Responsible mission,” said PrimaLoft president and CEO Mike Joyce. “Developing products that perform at the highest level while making the least impact on the environment is our ultimate goal. Working with Origin Materials to achieve those high-performance standards through non-petroleum based means is a huge stride forward. We’re excited to work together to bring new technologies to a variety of industries.”
About Origin Materials
Headquartered in West Sacramento, Origin Materials is the world's leading carbon negative materials company. Origin Materials’ mission is to enable the world’s transition to sustainable materials. Over the past 10 years, Origin Materials has developed a platform for turning the carbon found in non-food biomass into useful materials, while capturing carbon in the process. Origin Materials’ patented drop-in core technology, economics and carbon impact are supported by a growing list of major global customers and investors. Origin Materials’ first commercial plant is expected to be operational in 2022 with a second commercial plant expected to be operational by 2025 and plans for additional expansion over the next decade.
On February 17, 2021, Origin Materials and Artius Acquisition Inc. (“Artius”) (Nasdaq: AACQU, AACQ), a publicly-traded special purpose acquisition company, announced a definitive agreement for a business combination that will result in Origin Materials becoming a public company. Upon closing of the transaction, expected in the second quarter of 2021, the combined company will be named Origin Materials and remain listed on the Nasdaq under the new ticker symbol “ORGN.” The transaction, together with anticipated financing and grants, are expected to fully fund Origin Materials until EBITDA positive, and allow Origin Materials to scale and commence commercial production to meet signed customer offtake and capacity reservations of $1.9 billion across a diverse range of industries.
For more information, visit www.originmaterials.com.
About PrimaLoft, Inc.
PrimaLoft, Inc., an advanced material technology company based in Latham, New York, with offices in Xiamen, China, is the world leader in research and innovative development of comfort solutions with high performance insulations and fabrics. The PrimaLoft® brand, a registered trademark of PrimaLoft, Inc., delivers feel-good products that are used by more than 900 top global brands in outdoor apparel, fashion, home furnishings, work wear, hunting and military applications. With its Relentlessly Responsible™ mission, PrimaLoft strives to balance innovation, performance & sustainability in pursuit of a better future. PrimaLoft® insulation was originally developed for the U.S. army as a water-resistant, synthetic alternative to down. Today, the brand is recognized as a benchmark for providing unsurpassed comfort in any condition, while lessening its impact on the environment. PrimaLoft, Inc. is active in sustainable textile production through partnerships with the bluesign® system, the International OEKO-TEX® Association, the Sustainable Apparel Coalition’s Higg Index and the Global Recycled Standard. For more information, please visit http://www.primaloft.com, and follow PrimaLoft on Facebook, Twitter and Instagram. PrimaLoft®, Feel the Performance™.
Important Information for Investors and Shareholders
In connection with the proposed business combination transaction, Artius filed a registration statement on Form S-4 (the “Registration Statement”) with the SEC on March 9, 2021, which includes a preliminary proxy statement to be distributed to holders of Artius’ ordinary shares in connection with Artius’ solicitation of proxies for the vote by Artius’ shareholders with respect to the proposed transaction and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of securities to be issued to Artius’ shareholders and Origin Materials’ stockholders in connection with the proposed transaction. After the Registration Statement has been declared effective, Artius will mail a definitive proxy statement, when available, to its shareholders. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus, any amendments thereto and any other documents filed with the SEC carefully and in their entirety when they become available because they will contain important information about Artius, Origin Materials and the proposed transaction. The documents relating to the proposed transaction (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. Free copies of these documents, once available, may also be obtained from Artius by directing a request to: Artius Management LLC, 3 Columbus Circle, Suite 2215, New York, New York 10019.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including with respect to the proposed transaction between Origin Materials and Artius. 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, product development plans and projected financial information. 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 and Artius. 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 Materials; 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; Origin Materials and Artius may be unable to successfully or timely consummate the proposed business combination, including the risk that any regulatory approvals may not obtained, may be delayed or may be subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the business combination, or that the approval of the stockholders of Artius or Origin Materials may not be obtained; failure to realize the anticipated benefits of the business combination; the amount of redemption requests made by Artius’ stockholders, and those factors discussed in the Registration Statement under the heading “Risk Factors,” and other documents Artius 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.
Participants in the Solicitation
Artius, Origin Materials and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from Artius’ shareholders in connection with the proposed business combination. Information about Artius’ directors and executive officers and their ownership of Artius’ securities is set forth in the Registration Statement described above. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading other documents Artius has filed, or will file, with the SEC regarding the proposed business combination, including the definitive proxy statement when it becomes available.
Non-Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Artius, the combined company or Origin Materials, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.
