Origin Materials, Inc., the world’s leading carbon negative materials company, and Indorama Ventures Public Company Limited, the world’s largest producer of virgin and recycled PET resins, today announced a strategic partnership to accelerate the mass production of bio-based materials.
Origin Materials and Indorama Ventures signed a strategic memorandum of understanding (“MOU”) to explore initiatives related to the rapid commercialization of low-carbon, bio-based materials. Initiatives include evaluating the use of existing Indorama Ventures’ units in the United States with some modification to commercially produce bio-based materials. Under this arrangement, Indorama Ventures would convert derivatives of Origin Materials’ platform chemical CMF (chloromethylfurfural) into various sustainable chemicals and bio-based plastics.
Under the MOU, the companies will also study the potential to use production samples of bio-based materials in limited-volume product launches in partnership with high-profile brands. The materials could potentially be used in packaging, textiles, films, and automotive applications. These could include bio-PET, bio-PTA, the advanced bio-based chemical FDCA (furandicarboxylic acid), and co-polyesters that have an advantage over traditional PET plastic.
The companies share a strategic interest in rapidly deploying Origin Materials’ carbon-negative technology platform, which converts sustainable wood residues into useful materials. The partnership is expected to enhance the value of Indorama Ventures’ global petrochemical manufacturing footprint and support the company’s Vision 2030 to build on its industry leadership in sustainability by adopting low-carbon intensity, bio-based materials.
Rich Riley, Co-Chief Executive Officer of Origin Materials, said, “We are thrilled to partner with Indorama Ventures, the world’s largest producer of virgin and recycled PET resins, to combine our strengths across technology development, commercial production, and supply chain operations. Our shared ambition is to drive rapid, meaningful change throughout industry by developing new products and exploring the conversion of existing petroleum-based plants into plants producing low-carbon intensity and performance-enhanced bio-based materials. Together we aim to help decarbonize the world’s materials.”
Yash Lohia, Chairman of the ESG Council at Indorama Ventures, said, “As part of our Vision 2030, we are striving to explore and employ advanced technologies for sustainability. Strategic partnerships that speed up the introduction of innovative new technology play an important role, including this one with Origin Materials. Driving the commercialization of bio-based materials production will create advantages for Indorama Ventures as well as the chemical industry and other sectors. We are excited to bring more sustainable solutions to our customers and together create a better world.”