Shares of carbon-negative materials company Origin Materials (NASDAQ:ORGN) are on the rise today after it initiated the startup of the globe’s first commercial chloromethyl furfural (CMF) plant in Sarnia, Ontario.
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Called Origin 1, the plant is expected to supply intermediate chemicals and materials for use in a range of markets from clothing and car parts to toys and fuels. Importantly, this is a substantial scale-up of the company’s technology platform for transforming wood residues into intermediate chemicals. Moreover, the company pegs the addressable market for its offerings at nearly $1 trillion.
Origin has been working with CMF for more than a decade and Origin 1 is anticipated to play a pivotal part in developing higher-value products and applications as well. Furthermore, these products are expected to be produced and sold at a global scale from planned future plants (origin 2, Origin 3).
John Bissell, the Co-Founder and Co-CEO of the company exclaimed, “This plant substantially scales up our revolutionary core technology platform. We expect the power of our platform intermediates, CMF and HTC, to be transformative for the chemical industry and how the world generally makes things.”
While ORGN shares have dropped nearly 12.5% over the past year, Craig-Hallum’s Eric Stine has assigned the stock a Buy rating sans a price target today.
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