The Louisiana State Bond has authorized the issue of tax-exempt bonds worth up to $1.5 billion for the funding of Origin 2, Origin Materials' first industrial-scale production plant that would transform solid waste feedstocks into carbon-negative materials.
Origin, a West Sacramento, California-based company, has created a platform for converting the carbon present in cheap, abundant, non-food biomass, including sustainable wood waste, into valuable commodities while also trapping carbon. With an addressable market of almost $1 trillion, Origin's proprietary technology platform can revolutionize the production of a variety of end products, including apparel, textiles, plastics, packaging, auto parts, tyres, carpeting, toys, and more.
The technology platform of Origin is also anticipated to deliver consistent pricing that is largely dissociated from the petroleum supply chain, which is more volatile than supply chains based on sustainable wood wastes. A rising number of influential investors and customers from around the world support Origin's proprietary drop-in core technology, economics, and carbon effect.
Origin 2, which will be based in Geismar, Louisiana, is expected to generate between 500 and 1,000 indirect local jobs in addition to 500 to 200 local full-time employees and 500 to 1,000 construction jobs. The facility will produce goods for a variety of end markets from an estimated 1 million dry metric tons of wood residue annually. Origin 2's front end design is in progress, and comprehensive engineering will start in 2023. Prior to now, Origin has stated that its Geismar project is anticipated to cost roughly $1.1 billion and go into operation in the middle of 2025.
John Bissell, co-founder and co-CEO of Origin, said that the availability of this finance to assist the build-out of the factory will increase their ability to create local jobs and to fulfill expanding demand for their products in the United States and worldwide.
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