AACQU - Carbon-negative firm Origin Materials cuts SPAC deal valuing company at $1.8B

Carbon-negative materials maker Origin Materials announced a deal Wednesday to go public via a merger with SPAC Artius Acquisition Inc. (AACQU) in a merger that will value Origin at $1.8B.Terms of the deal call for Origin to receive up to $925M in gross proceeds. That consists of up to $725M from Artius’ trust and $200M from a private investment in public equity (PIPE) that includes participation from Danone, Nestle, Pepsico and others.Origin makes “carbon negative” feed materials out of wood residue, aiming to replace fossil-based materials currently used in a wide range of goods.The company sees $1T market opportunity, and believes it can “revolutionize the production of a wide range of end products, including clothing, textiles, plastics, packaging, car parts, tires, carpeting, toys and more,” as per a statement announcing the deal.Current co-CEOs John Bissell and Rich Riley will continue to lead the company after the merger. Three Artius executives will take

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Carbon-negative firm Origin Materials cuts SPAC deal valuing company at $1.8B