ORGN - Origin Materials soars on startup of world's first commercial CMF plant

2023-06-27 08:47:49 ET

Origin Materials ( NASDAQ: ORGN ) +13.8% pre-market Tuesday after announcing the startup of its commercial chloromethylfurfural plant, which it said is the first in the world to develop the chemical building block at commercial scale.

The company said the new plant will supply industry with intermediate chemicals and materials that can be used across a wide range of end markets, including clothing, textiles, plastics, packaging, car parts, tires, carpeting, toys, fuels and more, with a ~$1T addressable market.

Origin ( ORGN ) said the plant represents a significant scale-up of the company's technology platform for converting sustainable wood residues into versatile intermediate chemicals.

The company said it expects the plant will play a key role in the development of higher-value products and applications for CMF, HTC, and other co-products, which it plans to eventually produce and sell at world-scale from future plants, including Origin 2, Origin 3, and potentially licensed plants.

More on Origin Materials:

• Financial and valuation comparison to sector peers
• Analysis: Origin Materials: A Future Leader In Producing Cheap, Carbon-Negative Materials
• Stock price return: Down 11% YTD, down 21.5% in the past 12 months

For further details see: