Origin Materials, Inc.

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials third quarter 2021 earnings call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Ashish Gupta, Investor Relations. Please go ahead.

Thank you and welcome everyone to Origin Materials' third quarter 2021 earnings conference call. Joining the call today from Origin Materials are co-CEO Rich Riley, co-CEO and co-founder John Bissell, and CFO Nate Whaley. Ahead of this call, Origin issued its third quarter press release and presentation, which we will refer to today. These can be found on the investor relations section of our website at originmaterials.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today, should not be relied upon as representative about views as of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings of the SEC, including our quarterly report on Form 10-Q. In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of origin materials performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You'll find additional disclosures regarding the non-GAAP financial measures discussed on today's call, our press release issued this afternoon, and our filings with the SEC, each of which is posted on our website. The webcast of this call will also be available on the investor relations section of our company website. With that, I'll turn the call over to Rich.

Thank you, Ashish, and thanks to everyone for joining us today. For today's presentation, we will be referring to the slides that were posted to the investor relations section of our website earlier this afternoon. I will start by reviewing Q3 highlights, then discuss important industry announcements, and provide a commercial update. I will then turn it over to John, who will discuss construction progress on origin one and origin two. Nate will wrap up with a financial overview. We will begin on slide three. We continue to make steady progress against our strategic initiatives. First, we were pleased to complete installation of the key production modules at Origin 1, six months ahead of our plan announced in April 2021. In addition, we are reaffirming our expectations as to capital budget and production timelines for Origin 1 and Origin 2. Second, our customer demand has quadrupled since our announcement to become a public company in February, with offtake and capacity reservations increasing by over $700 million since the second quarter call in August. to $4.2 billion as of today. And third, we remain well capitalized with $459 million in cash and equivalents on hand. We reaffirm our expectation that the capital projects for Origin 1 and Origin 2 can be fully funded from our existing cash on hand and previously indicated traditional project financing sources. Now I'd like to give a brief overview on the company for those who are new to the story. Origin was founded with the mission to help solve climate change. by enabling the world's transition to sustainable materials. Our patented drop-in core technology, economics, and carbon impact have gained the support of a growing list of major global brands and investors, including Danone, Nestle Waters, PepsiCo, Ford Motor Company, Mitsubishi Gas Chemical, Cologne Industries, Primaloft, and Solvay. Cologne Industries is a new addition to our growing list of partnerships with major chemical companies, all of whom we view as potential partners and not competitors. The CPG companies mentioned have publicly disclosed their intent to migrate 100% of their current petroleum-based PET consumption to decarbonized and recycled materials. After extensively testing our technology, these market leaders have made significant financial contributions to Origin, both as investors and customers, demonstrating their environmental commitment and confidence in our technology. They have signed multi-year off-ticket contracts worth hundreds of millions of dollars. We continue to see strong, favorable tailwinds for our technology and business model. As evidenced by the recent United Nations Climate Change Conference, or COP26, the world continues to make commitments and take actions to reduce global greenhouse gas emissions, a problem which Origin is uniquely positioned to address. According to a study by the Alan MacArthur Foundation, the carbon emissions from plastic are widely underestimated. The study finds that under a business as usual scenario, by 2040, plastics could account for 19% of the total emissions budget allowable if we are to remain below a 1.5 degrees Celsius increase in global warming. According to another report, plastic industry pollution is expected to overtake coal pollution in the United States by 2030. U.S. plastic production creates at least 232 million metric tons of greenhouse gases, according to the report, with another 55 million tons expected by 2025, if the 42 plants currently planned or under construction in the U.S. come online. It is beyond a doubt that with more than 99% of plastics made from fossil fuels, we need to dramatically transform the way the world produces and uses plastic as fast as possible. With our first product, Origin offers an entirely circular plastic solution, 100% recyclable PET, which the world's plastic recycling infrastructure is already designed to collect, sort, and reuse, with the critical added benefit of removing CO2 from the atmosphere. We believe that making PET plastic from sustainable wood residues is a unique and powerful solution that meets the most pressing environmental challenges of the day. With over one-fifth of the world's largest public companies committing to zero carbon mandates to help tackle climate change, we expect the strong demand environment to continue and remain well ahead of our projected supplies for the foreseeable future. Turning to slide four, we continue to make steady progress commercializing the business and have grown customer demand by more than $700 million since our second quarter earnings call. for a total of $4.2 billion of off-take agreements and capacity reservations, more than quadrupling over the last nine months. Moving to slide five, we recently announced a strategic partnership with Cologne Industries to industrialize advanced carbon negative chemicals and materials. Cologne Industries, a global leader in chemicals and materials, signed a multi-year capacity reservation agreement to purchase sustainable carbon negative materials from origin. Those materials include novel polymers and drop-in solutions for select applications, with an initial focus on automotive applications. The partnership includes development work aimed at commercializing polyethylene furanoate, PEF, a polymer with an attractive combination of performance characteristics for packaging and other applications, including enhanced barrier properties when compared with polyethylene terephthalate, PET, degradability, and other qualities. Origin's technology platform is expected to produce cost-competitive sustainable carbon-negative FDCA, the primary precursor to PEF. Cologne Industries has deep expertise in novel FDCA-based polymers, including PEF. We are thrilled to work together to enable our shared vision for a net-zero material economy. Our partnership reflects both companies' commitment to sustainable innovation, including in the automotive sector. Additionally, last month we announced that we joined the DrivePlus platform, which is 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. This partnership will allow us to collaborate with drive sustainability partners on raw material standards, carbon neutrality, and other key sustainability topics in the automotive supply chain. This DrivePlus partnership expands our existing strategic relationships within the automotive sectors, including Ford Motor Company, Mitsubishi Gas Chemical, and Solvay. We expect our zero-carbon chemicals and materials platform to be deployed across a diverse array of mobility applications, including fabrics, plasticizers, seat foams, engineered polymers, tires, and hoses, to name a few. During the quarter, we also announced our partnership with the Alliance to End Plastic Waste, which includes industry leaders across the plastics value chain. working toward a common goal of developing, deploying, and scaling solutions to help end plastic waste in the environment. In addition to exciting customer and partnership announcements, this quarter we announced that Origin Materials was awarded the Sustainability Leadership Award by the Business Intelligence Group's 2021 Sustainability Awards Program for our patented category-leading breakthrough technology built around converting low-cost, non-food feedstock into decarbonized, supply-chain-ready materials. With that, I would like to turn it over to John, who will provide an update on Origin 1 and Origin 2.