• Origin Materials, a carbon-negative material manufacturer, has announced that it has selected Geismar, Louisiana as a location to build its second manufacturing facility “Origin 2.” The facility is expected to be completed by Q2 2025, creating over 1,500 direct and indirect jobs in the local area.

• Origin Materials plans to build a 150 acre (6 million sq. ft.) facility that will use its patented technology to produce bio-based polyethylene-terephthalate (PET) from waste wood feedstocks. Origin 2 is reportedly expected to process one million dry metric tons of wood feedstock into bio-based PET products.

• Additionally, Origin 2 will also receive state and local incentives worth USD 100 million, which are pending approval. The company is also expected to receive a tax-free private activity bond worth USD 400 million from the State of Louisiana to fund its project.

<ul><li> Analyst QuickTake: Although Origin Materials announced during its Q3 earnings release that it had shortlisted three sites for Origin 2 and was expecting to finalize a site by the end of 2021, it has only been able to do so now. The company has been looking to expand capacity amidst the rising demand for its carbon-negative products. Origin Materials reported that offtake agreements and capacity reservations reached USD 4.2 billion in Q3 2021, at a 20% increase QoQ.</ul>