The Zero-carbon Chemical company has signed a deal with South African chemical company AECI to develop apparel and automotive fibers that have a negative carbon footprint. This is a target for the companies since most of the commodity Chemicals are made from fossil fuels like crude oil and natural gas.Rich Riley, Co-CEO said that the origin can be bold because it is a green Chemical company. The company has spent 12 years developing a very proprietary and unique technology that converts sustainable plant-based feedstocks into a whole range of materials.
Origin self tags itself as a zero-carbon company that leaves a lower carbon footprint for companies buying its products. Various Companies such as AECI are becoming more interested in low-carbon options as more governments start to worry about their carbon footprints. The companies making zero-carbon pledges.
Origin is paying for its capacity by merging with the company Artius Acquisition. This deal will bring $800 million into company coffers and is expected to fund Origin until it becomes profitable around 2025. There will be nearly 184 million shares outstanding after the merger is completed, essentially giving Origin a market capitalization of about $1.9 billion.AECI stock is up 0.3% in overseas trading. For the year, AECI shares have gained about 19%, giving the company a market capitalization of about $780 million.