Origin Materials, Inc. (“Origin” and “Origin Materials”) (NASDAQ: ORGN, ORGNW), the world’s leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials, and Mitsubishi Chemical Holdings Group (“MCHG”), Japan’s leading diversified chemicals and advanced materials producer, today announced a partnership to develop advanced chemicals and materials built on Origin Materials’ patented technology platform.
As part of the strategic partnership, MCHG will convert hydrothermal carbon (HTC) produced by Origin into high-performance analogs of specialty carbon black materials. These materials will be tested and further developed with one of the world’s largest tire manufacturers. The partnership will leverage MCHG’s global supply chain strength, access to Japanese and international markets, and technical innovation capabilities.
The global market for carbon black is projected to reach $26 billion by 2025, expanding at 6% CAGR, according to Grand View Research, Inc. Approximately 70% of the world’s carbon black is used as a reinforcing filler in tires.
Origin’s patented technology platform, which turns the carbon found in sustainable wood residues into useful materials, can help revolutionize tire manufacturing by significantly reducing the products’ carbon footprint as compared to tires made with fossil-based carbon black.
The partnership includes a joint development agreement (JDA) between Origin, and the Carbon Materials business unit of MCHG. The partnership reflects MCHG’s efforts to achieve carbon neutrality by utilizing biomass in the development of materials while attaining sustainable growth.
Origin Materials Commentary:
“We look forward to partnering with Mitsubishi Chemical Holdings Group to develop new, better materials for making tires while dramatically reducing carbon emissions,” said Origin Materials Co-CEO Rich Riley. “Mitsubishi Chemical Holdings Group’s deep manufacturing capabilities, technical expertise, and global customer network can enable broad adoption of Origin’s technology and help drive the ‘once in a planet’ shift to sustainable materials taking place in the automotive industry.”
Mitsubishi Chemical Holdings Group Commentary:
Mitsubishi Chemical Holdings Group’s carbon black is a tech-based and innovative industry-leading product used for prestige tires, paints, and LCDs. MCHG holds a policy toward carbon neutrality by 2050. MCHG already put carbon black from plant oil into the market in 2012. Joint Development with Origin Materials will further accelerate MCHG’s efforts toward carbon neutrality and sustainable growth.
Source: Origin Materials