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ORIGIN Origin Materials , Inc. Reports Financial Results for Third Quarter 2021 November 11 , 2021 - Origin 1 Key Production Module Installation Completed - - Reaffirming Origin 1 and 2 Capital Budget , Production Timeline and Financing - - Customer Demand is Strong and Broad Based , Increased Contracted Offtake Agreements and Capacity Reservations to $ 4.2 Billion - WEST SACRAMENTO , Calif .-- ( BUSINESS WIRE ) -- Nov . 11 , 2021-- Origin Materials , Inc. ( " Origin , " " Origin Materials , " or the " Company " ) ( Nasdaq : ORGN , ORGNW ) , the world's leading carbon negative materials company , today announced financial results for its third quarter ended September 30 , 2021 . " We continue to make progress on our mission to enable the world's transition to sustainable materials and are pleased to have completed the installation of the key production modules at Origin 1 , six months ahead of the plan we announced in April 2021. As the world moves more aggressively to a zero - carbon future , customer demand remains strong , and our efforts to commercialize the business have resulted in increased offtake agreements and capacity reservations from our customers and partners to $ 4.2 billion . This is more than a 300 % increase since our announcement to become a public company in February 2021. We were pleased to announce our recent strategic partnership with Kolon Industries , Inc. , a global leader in chemicals and materials , as well as our sustainability partnership with the Drive + network , which includes 11 of the world's largest automakers working to accelerate the decarbonization of the auto industry . We remain well - capitalized , on budget , and on track for completion of Origin 1 by the end of 2022 and for Origin 2 to be completed by mid - 2025 , " said Rich Riley , Co - Chief Executive Officer of Origin . Key Company Q3 Highlights Origin Materials has increased signed offtake agreements and capacity reservations to $ 4.2 billion from $ 3.5 billion in August . The Company also implemented new and expanded partnerships and customer relationships , including : • Partnership with Kolon Industries to industrialize advanced carbon - negative chemicals and materials . • Partnership with Drive + , a platform of automotive suppliers which is in close collaboration with Drive Sustainability , a group of 11 of the world's largest automotive manufacturers , including Volkswagen , Daimler , Ford , Stellantis and Toyota Motor Europe among others , aiming at further developing sustainability along the automotive supply chain . • Partnership with Alliance to End Plastic Waste , which includes industry leaders across the plastics value chain , working towards a common goal of developing , deploying and scaling solutions to help end plastic waste in the environment . These partnerships complement Origin's existing partnerships and customer relationships including with industry leaders like Danone , Nestlé Waters , PepsiCo , Ford Motor Company , Mitsubishi Gas Chemical , PrimaLoft and Solvay . Origin 1 and Origin 2 Financing and Construction Update Since selecting Worley Limited as an engineering partner in Q3 2021 , Origin has updated its original payment schedule for Origin 1 after incorporating detailed feedback from equipment suppliers and contractors , while reaffirming the Origin 1 capital budget and schedule . Additionally , Origin is reaffirming the previously disclosed Origin 2 capital budget and production timeline . Leading financial institutions that have expertise in financing similarly sized capital projects continue to confirm to the Company that its financing assumptions for Origin 2 are reasonable and executable . Origin reaffirms its expectations that the capital projects for Origin 1 and Origin 2 can be fully funded from its existing cash on hand and previously indicated traditional project financing sources . Although the timing of capital expenditures will be incurred later than Origin's original projections , Origin 1 remains on track for completion by the end of 2022. The lifting and installation of previously fabricated key production modules was completed in October 2021 , six months ahead of the Company's plan announced in April 2021. Origin expects piping fabrication to begin by the end of Q1 2022 , three months ahead of its prior target of end of Q2 2022. Additionally , ENCON evaporator module installation is expected to be completed by the end of Q4 2021 , three months ahead of schedule , as the Company previously expected to receive the module by the end of Q1 2022 . Similarly , Origin 2 remains on track for completion by mid - 2025 . As announced previously , the Company has appointed Worley as its FEL1 engineering partner . Origin is also working with Worley , Deloitte Consulting and Fisher International to select the site for Origin 2 , which Origin expects to choose by the end of 2021 with an announcement of selected site in Q1 2022 , in line with prior guidance . The Company has short - listed three locations for final diligence and negotiations and has acquired an option to purchase one of the sites . Origin remains focused on recruiting additional talent to its engineering and site selection project management teams as planning for Origin 2 is underway . Results for Third Quarter 2021 Cash , cash equivalents and marketable securities were $ 460 million as of September 30 , 2021 . Operating expenses for the third quarter were $ 7.1 million compared to $ 2.0 million in the prior year period . Adjusted EBITDA loss was $ ( 5.7 ) million for the third quarter compared to a loss of $ ( 1.9 ) million in the prior - year period .