Origin Materials and Proman Partner to Produce Low-Carbon Biofuels
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, and Proman, a global leader in natural gas-derived products and one of the world’s largest producers of methanol, today announced a strategic partnership centered on low-carbon biofuel production utilizing Origin’s technology platform and Proman’s worldwide fuels capabilities and expertise.
As part of the partnership, Proman and Origin Materials signed an agreement to explore the production and global distribution of low-carbon biofuels.
“We are excited to partner with Proman, a leader in natural gas-derived products with extensive global shipping and supply chain capabilities, to take this step forward in low-carbon biofuels commercialization,” said Origin Materials Co-CEO Rich Riley. “Biofuel is a rapidly growing market. Low-carbon-intensity biofuels made from wood waste reflect the future of biofuels as industry moves aggressively towards decarbonization. Origin’s technology platform is uniquely positioned to deliver these renewable fuels using our ‘oils and extractives’ intermediate stream. We are thrilled to partner with Proman, a company that brings significant expertise across engineering, procurement, and construction related to world-scale sustainable technology development. Over the long-term, we see the potential for biomass-derived, low-carbon-intensity fuels to be used in marine and other transportation fuels, industrial applications, heat and power generation, and more.”
Origin expects to produce bio-based fuels using its patented technology platform, which turns the carbon found in sustainable wood residues into useful products.
Proman’s Chief Executive David Cassidy welcomed today’s agreement, saying: “Certified lower-carbon fuels and feedstocks will play a vital role in enabling the transition to a more sustainable world. From the production of the materials and packaging that we all use every day, to the fuels that power our global supply chains and transport these products around the world, biofuels have huge potential to drive down emissions. That’s why we are delighted to be partnering with Origin Materials, who shares our commitment to innovation and our belief in methanol’s potential to enable more sustainable manufacturing. By combining Proman’s production expertise and extensive distribution network with Origin’s patented technology platform, we will explore new ways to create the building blocks for reduced environmental impact across our everyday lives.”
About Origin MaterialsHeadquartered 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.
About PromanProman is an integrated energy company and the world’s second largest methanol producer.
Headquartered in Switzerland, with offices across Europe, production assets in the United States, Trinidad and Oman, and ongoing expansion into Mexico, Canada and the UAE, Proman is a global leader in methanol, fertilizer and other products such as melamine. We have extensive experience in project management, petrochemical plant construction and operations, marketing and logistics, and shipping.
Proman is committed to developing lower-carbon and green methanol and ammonia as cleaner alternatives to conventional fossil fuels, offering a pathway to drastically cutting emissions in a range of sectors including transport and heavy industry.