Origin Materials, Inc.

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials' fourth 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 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and 0. 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' fourth 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 fourth 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, 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 as of today, should not be relied upon as representative about views 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 with the SEC, including our last quarterly report on Form 10-Q filed on November 12, 2021, and our annual report on Form 10-K to be filed next week. 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 or in isolation from GAAP results. You will find additional disclosures regarding the non-GAAP financial measures discussed on today's call and 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 will 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 or posted to the investor relations section of our website earlier this afternoon. I will start by reviewing Q4 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 1 and Origin 2. Nate will wrap up with a financial overview. We will begin on slide three. We continue to make steady progress against our strategic initiatives and are maintaining our expectations for the capital budget and production timelines for both Origin 1 and Origin 2. First, we remain well capitalized on budget and on track for completion of Origin 1 by the end of 2022, having achieved several construction milestones during the fourth quarter. Origin 2 remains on track to be operational by mid 2025. We recently announced the selection of Geismar, Louisiana as the site location for Origin 2 subject to the finalization of certain economic incentives. State and local incentives are estimated to be more than $100 million, in addition to a municipal tax-exempt bond allocation from the state of Louisiana of $400 million. Today, we are also pleased to announce the selection of Hunt, Guillaume & Associates as our owner's engineer for Origin 2. Second, our customer demand has more than quintupled since our announcement to become a public company in February of last year. with offtake and capacity reservations increasing by over $1.4 billion since the third quarter call in November to $5.6 billion as of today. And third, we remain well capitalized with approximately $445 million in cash and cash equivalents on hand. We are maintaining 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, as I did in our last call, I'd like to give a brief overview of the company for those who are new to the story. Origin was founded with a mission to help solve climate change by enabling the world's transition to sustainable materials. Our patented drop-in core technology, economics, and carbon impacts 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, Solvay, Mitsui & Co., and Minifin Group. Mitsui & Co. and Minifin Group are new additions to our growing list of partnerships, both of which will increase our exposure to a multitude of consumer and industrial end markets while also expanding our international footprint. Our CPG partners 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-take contracts worth hundreds of millions of dollars. We continue to see strong, favorable tailwinds for our technology and business model, with some of the world's largest public companies committing to zero-carbon mandates to help tackle climate change. In Japan, we've been encouraged by a recent pickup in decarbonization activity, building upon the country's commitment at COP26 to become carbon neutral by 2050. A recent survey commissioned by NHK Japan, or the Japan Broadcasting Corporation, found that the majority of participants from 100 of Japan's largest companies believe achieving carbon neutrality within that timeframe is possible. The decarbonization momentum that we are seeing globally is creating significant opportunities for origin, including our strategic partnerships with Mitsui & Co. and the Minifin Group, which we will discuss in more detail shortly. With more than 99% of plastics made from fossil fuels, the world clearly needs to dramatically transform the way it produces and uses plastic as fast as possible. With our first product, Origin offers an entirely circular plastic solution, 100% zero-carbon 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. Beyond that, despite the progress in the shift to renewable energy generation and electric vehicles, It is clear that reducing emissions from energy use alone is insufficient to achieve the goals and commitments established by companies and governments. Consequently, in the near term, we believe that these companies will need to integrate decarbonized materials into their supply chains. As such, 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 $1.4 billion since our third quarter earnings call, for a total of $5.6 billion today, made up of uptake agreements and capacity reservations. This has more than quintupled since we announced our intent to go public in February 2021. Moving to slide five. In January, we announced a strategic partnership with Mitsui & Co. to industrialize advanced carbon negative materials and chemicals for the automotive, chemicals, electronics, packaging, textiles, construction, and personal care industries. Mitsui, a global leader in multiple business areas, including chemicals, textiles, and many others, also signed a multi-year capacity reservation agreement to purchase sustainable carbon negative materials from origin. Consistent with our view that climate change is an urgent international priority, we are excited both by the potential to collaborate with Mitsui on the commercialization of new products and also the opportunity to leverage Mitsui's global supply chain reach to target Japanese and international markets. In February, we announced a strategic partnership with Minifin Group to industrialize high-value specialty chemicals based on our carbon-negative materials for applications in the pharmaceutical, agricultural, cosmetics, and personal care and automotive industries. The partnership includes multiple collaboration areas and is an important milestone for bringing cost-competitive, bio-based products to these end markets. This partnership with Minifin Group continues to demonstrate the versatility and broad range of applications for our carbon-negative platform technology. On slide four, we are very excited about a new strategic relationship with a major global retail company, which is our first retail partnership. We're thrilled to continue to expand into new parts of our total addressable market and into new end markets, and look forward to saying more about this partnership and others when appropriate. In addition to these partnership announcements, Origin was recognized in November by Chemical Week for Best Sustainable Product by an Emerging Company as part of Chemical Week Sustainability Awards 2021. The award recognizes emerging chemical companies with a product or range of products whose design and innovation serve a sustainable or environmental purpose. In January, Origin was recognized by the Business Intelligence Group for the company's leadership and innovation and received the 2022 Big Innovation Award. We received the award for our patented category-leading breakthrough technology, which, as most of you know, is built around converting low-cost, sustainable wood residues into decarbonized, supply-chain-ready materials. With that, I'd like to turn it over to John, who will provide an update on Origin 1 and Origin 2.