ORGN - Earnings call transcript Q3 2021

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Operator

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. [Operator Instructions]. to conference like Gupta, to now Relations. Investor would turn over the Ashish I ahead. go Please

Ashish Gupta

and you XXXX call. Quarter to earnings Thank everyone conference welcome Origin Materials, Third

the call, press Whaley. statements Ahead Co-CEO not this of call, upon refer Materials, co-founder views or These be of our of we Joining These to to its be a Bissell, are information presentation, of from subsequent no to results found any be third which issued and from new representative Co-CEO that relied in on will our section website quarter can only uncertainties. Relations expectations. differ these John note and expectations at reflect Nate of Riley, These should our as and any and materially as our risks statements CFO today. and on subject Origin forward-looking Investor today this will making call statements And current release of based Please originmaterials.com. the release actual the Rich variety Origin are of revise statements we could views results obligation and uncertainties we to date. to forward-looking on revision publicly cause risks undertake light which today, as that events. subject of future or assumptions to

our could Form the discussion and results. of SEC, that on quarterly important affect refer financial our XX-Q. report further to For the risks filings including material Please factors our with other

believe for isolation are not addition of be supplemental we as will non-GAAP considered and discuss in In from financial Origin a measures addition, which These measures non-GAAP call, as results. in substitute during we should measures, GAAP or useful to Materials performance. today's

measures today's call website. of our section turn is filings be and With that, will additional Each on available will will on The the The the our issued release to over Relations webcast afternoon, this the call with website. I regarding which Company posted discussed call. on our Rich. press this Investor non-GAAP financial SEC. the You find disclosures of also of

Rich Riley

everyone Thank today. for joining you, thanks and Ashish, to us

For commercial who with of Investor provide earlier I progress up will John be then will reviewing on and website will QX X, announcements X the this to section will Relations Origin we today's discuss it slide to referring important a the overview. and update. over financial discuss our start turn construction I posted afternoon. will Origin or presentation, Nate by then to wrap a highlights, industry

on X. begin Slide will We

initiatives. We progress make our continue steady against strategic to

First, we in were of X XXXX. plan, pleased to ahead announced modules X, April at complete installation production our of the months key Origin

In our timelines expectations addition, production X. we Origin reaffirming Origin and to and capital X for as are budget

Origin and a remain reaffirm that with to our and X the on capital existing Origin quarter cash traditional can on our the for become quadrupled We demand with in announcement off-take Second, over and expectation fully And sources. has call our million since capacity financing our projects Company to customer August cash X indicated $XXX well-capitalized project from February reservations billion we today. and third, as million increasing second $X.X in of since by in public $XXX be funded equivalents previously hand. hand

story. would solve to who Origin those brief sustainable transition change I mission by materials. new the world's help founded Company a are Now to for the like to the on climate with overview give enabling was the to

competitors. Gas Motor view of gained addition Industries The have as known is economics, of the patented list with drop-in Nestle partnerships major major brands Our and impact of all and Ford PrimaLoft, Company, intent to Waters, mentioned market companies Solvay. carbon to consumption support global leaders growing to of significant Kolon the petroleum-based and their have technology, of materials. and made our environmental we XXX% de PET these investors, that chemical our commitment a their core not companies, list as Mitsubishi Origin, -carbonized Kolon Industries, the testing including current whom of Chemical, both new potential growing partners their in to After confidence migrate have and investors publicly customers, technology, extensively disclosed multiyear worth They contributions hundreds technology. contracts our financial CPG demonstrating in recycled in dollars. of signed millions PepsiCo, uptake and

technology strong, model. business see our to tailwinds We continue in favorable for

recyclable the to the As warming. the COP gas budget actions or majority if U.S. reduce XX, greenhouse pollution below evidenced take make According address. could increase to overtake global least by emissions. uniquely widely greenhouse mandates committing plastic expected emissions coal to help and another emissions account to that the the critical atmosphere. the and continues to the by world's for come making from tons circuit uses XXX added we already fast the world of solution. plastics to gases usual U.S. as X/X global would underestimated. of an allowable dramatically sort, and plastic with fuels, the currently public pressing as report, zero-carbon positioned is as million in of a XXX% or reuse According way made A The creates the sustainable removing industry possible. to XXXX, of plastic product, the challenges climate XX from carbon first produces With which With largest powerful from pollution It business our plastic our under Nations meets report, U.S. entirely benefit problem that the production total the to day. change. another the Celsius according finds that to transform Conference, metric of the Ellen a from XX% to recent unique offers Change world's by XXXX. most than plastic solution designed construction environmental study PET, are and over a in XX by tackle we million with the X.X recycling by degree collect, planned expected to companies at in or are Origin remain tons Foundation, if XXXX is commitments plastic XX% infrastructure need a with PET that under MacArthur fossil Climate doubt residues scenario, believe is plastics world study is United the is to plants plastic of more online. COX beyond We

remain supplies We well foreseeable to future. of strong our projected continue demand for expect and the ahead the environment

call. have continue Turning than demand million quarter by to we customer $XXX more our second to make slide progress X, And business. earnings commercializing grown the steady since

total and reservations, months. capacity quadrupling than of over agreements billion the last For off-take more of X $X.X a

novel for Kolon Moving a and barrier produce to polyethylene for materials, performance terephthalate partnership combination applications, negative global ( and Industries ), other to purchase The technology attractive work a for in chemicals materials our to Those ( with an applications. slide drop-in polymers We're capacity degradability expertise commercializing novel industrialize together packaging material work qualities. thrilled based FTCA carbon negative leader vision X, we enhanced cost recently expected including including polyethylene of PEF. other aimed Cologne announced a shared to applications, an is FTCA. sustainable, when X includes solutions with Origin's select carbon from Origin. focus and multiyear polymers, reservation sustainable to a include initial PEF platform on properties to ), Industries automotive enable a to furanoate materials. advanced competitive, at and and materials negative chemicals precursor primary signed PEF. carbon characteristics strategic agreement with The Industries, partnership Kolon compared has with economy. PET and net polymer development deep

reflects the sector. sustainable Our both included innovation companies automotive partnership commitment to in

allow further the last will we automotive Additionally, chain. of Ford, sectors, is with manufacturers, strategic the of neutrality, Motor the our supply other including world's sustainability chain. Volkswagen, Europe, to and topics announced Stellantis platform, This among automotive on relationships Chemical, and material aiming month plus drive Ford partnership supply group us within XX in carbon Mitsubishi automotive which others, Plus drive sustainability developing existing Company, key a This automotive sustainability the we the including and partnership joined standards, along Solvay. Toyota Daimler, Motor raw partners that collaborate Drive Gas expands at largest

zero-carbon our a be diverse hoses of expect a name to and materials applications, seed deployed across mobility plasticizers, fabrics, chemicals foams, few. platform tires, and including We array to polymers, engineered

deploying, the quarter, industry the includes During our also to and partnership across in leaders chain developing, alliance working with environment. announced value waste. plastic common we the solutions help plastic waste scaling of to goal Which plastics towards a the in end

over technology customer for sustainability business exciting this to partnership Origin sustainability our intelligent leadership X to an and into feedstocks that was I the nonfood XXXX low-cost materials. addition announced will John, to Materials supply quarter, ready program provide who X. we awards and like Origin announcements, converting -carbonized category-leading around it award patented would Origin by breakthrough on that, chain built the de With turn awarded groups In update

John Bissell

to going begin on X Origin provide an and X on slide X. Origin I'm update and Thanks.

the budget as detailed payment after suppliers total project QX engineering reaffirming incorporating X and Origin in has selecting and an Worley schedule while Origin partner for Origin First, since its XXXX, contractors schedule. updated equipment feedback X from

projects budgets communities Capital Additionally, X. previously of events phase. as timelines for continue Origin substantial is and and size reaffirming unforeseen to capital production for include appropriate disclosed the Origin budget for this is

macroeconomic steel extensions off Those and for of X And such and of more scheduled of commodity items monitor such construction as inside and inflation movements equipment. the disruptions. critical to remain the of and chain extension we and escalations assess schedule. impact disclosed electrical path backfills, costs as the seen our while timelines previously continue We budget have of to supply and the Origin escalation costs to carbon

later X ahead modules key expect in than completed October the to April fabricated X to and capital prior Origin months of in schedule to we plan, and previously X last of lifting XXXX. our construction accelerated installation announced but incur For XXXX, of XXXX The continue by of we production expect Origin the announced months was the we equipment end costs of be quarter. ahead completed projections, X, our

fabrication quarter the we of ahead XXXX, our begin by one that such, As end QX prior of expect schedule. piping

fabrication will an engineering, to actions good the team. and For forward allow are and contractors vascular into to job. amount the perhaps project and of Canada in opportunity construction of pieces aren't And Notably plant building goes good operating together sort. that the on during organs. together modules system of early. that embroiled as our identify deeply working to This equipment are the it the all this and presented result plant. the an day working management, that as of work analogy, like then that move plants those of electrical craft a folk, There's I by combination and of process getting the that piping a think us your up team from Sarnia, internal comes capitalize good a significant

the to Additionally, module the used the of N-COM the receive end by by XXXX. installation our months X QX proxies evaporator schedule, of way, stand as in by phase expected than be XXXX, of module to we aqueous QX operator modules we More system, end expected but end is of ahead previously of N-COM part is in the important recovery the water regeneration of the plant. alone The for how recycle of completed

the schedule for we you conducting which Further, Origin X choose Origin by we're appointed expect as the key be for certain Worley, our engineering select and still with working of we completion overall negotiations accelerated of moving track made We've on XXXX. and by the our installation diligence Worley announce on maintaining to our modules final we've production Fisher FLX QX with prior As we're to for with currently site mid forecasts. remains while finalists, XXXX the and shortlisted X and sites. completion X end line in to XXXX prudent, our these can progress XXXX. of X, milestones, We've Origin Similarly, for see, Deloitte, by key ahead end significant by partner. in are

as such One have And of things decision. settings diligence on. we workforce an option engineering final our to and environmental, our inform which purchased include

over, there's adding completed focused concrete our the for installation. personnel modules and projects see, we pad of lifted, the now and can on engineers bolted on before and of Slide a last call, of a remain them as Origin X concrete part site, modules them the a image we've proceeds. Additionally, as down. the taken pad planning placed the module We the we're foundation different the on which capital after but brought On construction X, and earnings had and present you

roads is X let sitting are interconnecting X, module end which horizontal provide walking That's There modules, this the basis a but see on isn't bit modules vertical X that platforms next to you You'll steel can beams there go. X additional connecting much of connecting can quite there and horizontal XX in You between sure the a smaller XX will the which see and modules. modules, few piping module. support, where and module to

to second be building to would the the thing Steam, modules connecting cooling site. farm, the the rest [Indiscernible] the The process look and site of the forward of supplied piping will be water infrastructure. to tank electricity and the

Tank XXX them of one Slide These XX, all we've The XXX The are to with can you main back, and credits the majority of was It to well-trained all fluid of ground which you On smoothest safely about materials can't the it and that And be products. for overlay the X, the them hold you good before can like. pieces of we've can lift, synonymous all course getting Slide for in management give a we on to tank incredibly crane behind They once you an we are a in modules the moment the set again, But can up, of the modules. that and we can that building, want the project coordination. ton you progress if an ton farm. modules point is production also and to vertical process that timing and all the of racks construction setting included see see slide site and contain await. in crane contractors that horizontal the On it's which will of a models look other a look smooth, This crane know of well-planned is is o the for have finished. tandem. aren't of foundation, see that men the a pipe was in a few place placement. included So got positioned On all also the poured final doing good the process challenging from were storage boring. to like list. module to to is has local we'll XX, Sarnia, what originally farm see On the and great in. take People you what what which transition can We've a impressive, lot that's get site we're and this consequently, course, controlled, happens moving the standard winter. freights the stuff the supposed final team. where a through work ton doing. frozen way and to changed. say XXX or to tailing used you means really put productively the XD sense foundations be that more in we'd our what I'll module the model in Canadian see They more in the solvent see it's crew, What ideally to have Surprisingly, of example will few through. out it slow Sarnia tank them, over, X, puzzle a aspects significantly connecting intermediate the they're overlay. second we winter extremely if I can apps. important Slide much engineers, very and is the comes down, crude also lifting rigged ground, end the farm expected. than an like modules. enough you

there's as a April once. we On incredibly in Origin of the across lot placement about XX had a Measure up of announced details. installation to the and into module they're months module the half goes a our XXXX, these successful crane minus we of to construction the X turn coming can this. continue Each the expect the for Slide final is some XX you the as by we can a up tons by And be positioning completed as the discuss craftsman the position, and with Generally bolts. by work XX, Nate to module some the that, these X all weighs module is module into speaking, of times, an bowls. to between over XXXX. of about about and see anchor held and inch, of hand placement modules and cranes can Altogether, ahead used the and planning I'll financial in plus see you of end of lot tolerance modules Here it over consequence, that cut plans XX well.

Nate Whaley

Thanks, Origin with outlook. commentary John. some our financing with XXXX I'll provide our update begin for results to and a finish X quarter on third

Speaking expenses $X third million in to Adjusted year. the million And compared same to net net compared for compared a loss the for in $X.X the EBITDA prior to same prior finally, slide were quarter loss quarter period of to of XX, operating $X.X prior million loss in during was third quarter was million period $XX.X X.X the $X.X million the year. in the third a period. income the million

and ended $XXX to with million cash the third our sheet, balance in cash Turning quarter Origin equivalents.

the cash that financing and traditional have previously for assumptions capital reasonable financing to Origin construction pleased balance executable. financing and sized reaffirm cash of institutions X are our our in continue similarly existing We expertise of using that Leading projects indicated to and expectation equivalents, our both are sources. funding fully plants financial confirm sheet

X budgets contingencies capital already As our in for cash any of approximately we in having X anticipate the budgets. project included Origin previously, million contingencies to Origin capital and unforeseen discussed excess for beyond addition $XXX

have inflationary on we pressures. received questions many Finally,

X, updating budget. construction based the cost in we $XX continually still expect our million, our continue current suppliers, which of within and to overall an to we've are are payment Wrapping inputs pleased $XX on to approximately earlier, with said, up update schedule is mentioned outlook, and I are real-time. due up selecting an progress since outlook would be expected Origin estimates With X on John engineering reiterate payment capital our Capital expenditures prior projected of capital As With for million. with refinement Origin remarks. to I'm on I'll of from we to the adjusted the less EBITDA consistent full-year received XXXX the costs our no loss that pace refinements Rich And John report, progress it than closing to is vendors overview schedule. and construction 's of that, and construction partner. total our schedule the on expenditures has impact turn back

Rich Riley

success, Nate. you, Thank by the their their to to to our Origin, close like open and team, Company's thanking commitment like operator engineering customers I and with thank appreciate that, our partners questions. our the for for And their ask your would to I shareholders and today. for to everyone. time our line you, would construction continued support. for contributions We

Operator

[Operator now begin question-and-answer the Instructions]. will We session.

hear a acknowledging your tone will You request.

If pressing pause you're as for Instructions] using callers the We pick moment a [Operator keys. before will speakerphone, your join queue. handset up please a any

from go The Pharmion is Research. Frank first from ahead. question Mitsch, Please

Frank Mitsch

enjoyed what tax X, on you're you Can X, have process? on just Origin congrats also And on in received may and was in folks you struck the incentives down pictures. you really noted talk by to X. that morning, site looking good selection the at the generalities that Hey, Origin progress about

Nate Whaley

is Sir, Frank Nate Whaley. this

selection been all the support site typically once during and ultimately as are and the site has remember local comes to selected. incentives just state government First, tax

selection. point, it we this everybody look forward to site So but we have update continuing anything report at through to don't as make to concretely

Frank Mitsch

I anticipate imagine. amount are support. a But that would investors some getting of should fair you government

Nate Whaley

Absolutely.

Frank Mitsch

sizing you Alright. just up Kolon just or was are PEF. at do going? you the timeline is looking Terrific. to of look generalities, congrats partnership And there. have more to I Okay. you obviously with Industries, of envision contracts to And the a one areas how getting wondering that venture in you forward up that And if on $X billion. and the over announced the

Rich Riley

in other I'll John very familiar mentioned, it's a excited Yes. not it. that Company buy and Thanks, you materials for and a maybe And partner is those start as add, Frank, PEF, in polymer may barrier with meaningful do Kolon, but to with to is Korean development FTCA really be performance PEF. to aim of materials. terms this we partnership Rich. can and attractive leading as deep other based and contract But a chemicals with also, enhanced of of which think Kolon novel including a characteristics has very combination at And applications, And polymers, work PET. qualities. next-generation commercializing for very it a packaging expertise properties, degradability,

them material. we on excited partner with to are So this next-generation

Frank Mitsch

Great this and is something.

Sorry, John. go ahead,

Sorry.

John Bissell

think PEF, with for what polymer can as like that just and PET, with producing our Frank, not had much our I way is like going down term it's carbon intermediate PEF can platform, of interesting problem. cost and key view costs it. an with PEF the [Indiscernible]. producing it's to no bring a polymer that also Yes, too process the supplying And say our was I non bring we just PEF we our was is just to of -- incredibly can by - we from the that footprint perspective, their into only baked down

Frank Mitsch

folks progress up the Thanks. impressive Well keep work. good

John Bissell

Thank you.

Operator

Steve question ahead. from please is America from to of next Byrne go The Bank

Steve Byrne

years, in the was over little that softwares. of to a PET? of you more tolling more $X.X you I is way on on certain exactly talk interested much CMF billion capacity, based, provide reservations is any a and that number color that? is Can how is of what the based all -- Can it about

Rich Riley

Rich. Sure. that Thanks, Steve. This take one. is I'll

with apples-to-apples an August really and that back we the billion $X.X we number in had billion the $X So the February. announced $X.X is billion in

us the really our levels our letters cumulative the haven't And it's the for intent agreements They're duration. of who price, highest contracts joint a is which those longer include project more across frequently gives much to reservations. quantity, before, products. the then of that at And are the at plants we're capacity or that not and the the contract, releases. time $X.X providing And support issued is a in reservations and details convert that the plant. that capacity of terms reservations this But to of how include on take-or-pay the is primarily customers, product, off-take press approved allocated into so lending us billion capacity it heard document value time explain and

Steve Byrne

Origin the facility I update building an way the produce in And you to correct And you paraxylene will Am that? can to all are that on toller the X can give CMF. on that and the PET? or selection of convert

John Bissell

Yes, Steve. Thanks question. Yes. for the

about facility You're CMF. but quantity really enabled PET, us applications. as the to for performance other right. than that go The so Origin bears variety it produce really really develop improved X that with it's CMF. to OX applications At is And going intent think that to applications talked of are producing we're intent repeating the principally is, it there building I we've is -- before,

presentations in from polymers, we've areas everything but things lots and listed different our that's So -- these here. of are areas other some before, there of surfactants, illustrative like

on There's intent the ocean because facility. that's these. it's one. applications single if the right power facility tolling off are be would going of of material there equipment consequence, X initial that way course. it that's then surfactants sort it out, into CMF being to really the process with that a network tolling on critical way depending it's some example, we right X a as of surfactants, the make a so bat tolling to for We're to And Obviously, polymer think you're to have we order a the making now with working least the tolling some not not is in and made. different required about the structural facility -- the try boil certainly that's At

have so strong intent And there. we

chain will out disclosing are It's the to specifically. we disclose it's like relationships idea the provide of And in good that OX. But we're have supply we're that. that to active something think do how exactly first a starting supply have that coming we to just that parties would products with we really, not quite we out. of really the point do We well-developed, chain

Steve Byrne

demand have And color for being that any HTC the you are on out that new that product for of Origin X. additional contracted uses explored? Any coming

Rich Riley

about Steve, our HTC question product. Yes great

I As mentioned, replacement, $X.X great with various kind a into I as say applications that constituent talked a and not of working past, carbon fuel products with But across make partners the to HTC billion source, across applications. we're progress will and black those we plants. about breaking the -- out we've and including continue in as

feel product. So to continue make good progress and about good HTC we our

Steve Byrne

Thank you.

Rich Riley

Thank you.

Operator

The Eric Craig next [Operator Instructions] question from Please is go ahead. Stine from - Hallum.

Eric Stine

are guys. I Hey, anything know you it anything to Is reservation online you this help statement agreements, -- is if move we give questions. curious, other? off-take just just there can X would take, from If -- Origin get don't blanket capacity anything is said, the the taking a and might for or reservations, involved. Thanks X the much as also but a whether pretty you or a one about obviously capacity thinking larger documents, it's that on to not, capacity are closer Origin but or there to coming it's an that category that off amount move trigger from that certain the whether reservations

Rich Riley

question. great Yes,

So the few to certainly a materials. but there's really catalysts, secure

there's intent letter to those sell into end customer contracts. And our has receiving to for convert continued plants., a of catalyst firm ultimate those And as -- by we customers take-or-pay of on real take that both so will and contract continue materials. way plans a be believe rapidly that out the the the to will sold year be is next to

Eric Stine

you And starting potentially to year you sold that to be, you're helpful. thoughts? are out, plant That's X some advance sell your as it. point Any Got the you'll global. X? where by clearly you in next end mentioned Are of that up in of customers plant of think

Rich Riley

into So And Origin and what -- have orders say about sole while intentions X, been that I can -- we've now X that a we build what X, I we'll X. taking for on plus. origins to is can are certainly

So have game and exceeds with and customers we demand that's contracts keep as -- plan. entering financial they we forecasts, meets pricing our our products, for as will or our the into as

Eric Stine

Maybe you. really works last is and to Got any it keep to volumes sense goal under I plants, something any these contract. does sales for one make for clarify, this to is of is And everything not but industry would me me. of spot how you or the just open some or this for just your that mean, have of kind want

Rich Riley

question. the about primary I when good project we mean, sold a say sold support out is thing It's financing. to out, think we

there it so is to out be that. of can the we're XX% schedule, the the available a on support be call flexible. would keep and selling what project somewhat plants, on still still the focused that vast of plant financing majority But and And doing XX% construction frequently to

Eric Stine

you. Okay. Thank

Operator

is The Koort Bob next from Sachs. Goldman question ahead. Please from go

Emily Cacon

this Hi for Emily Bob. is Cacon

I opportunities to markets see most end ask question now? for first is, future room wanted The growth the in which does right Origin

Rich Riley

Great It's Rich. question. Emily, Hi

the customers today, in were with goes apparel the entirely $X.X some Just And journey context in pipeline end-market the and the we in beyond space in billion industrial back been that. space for that February, automotive our and in space $X we've and give everybody and to on packaging orders billion have space. well the our of

automotive apparel can for space Drive for our that is very I announced also is we the the textile partnership. and that us. an us you space one We plus incredible think So promising continue tell to

partnerships partnership This Solvay, with Ford Kolon automotive announced quarter our which with our are focused. we previous and and

our there. industries weight companies to us wide just incredible cosmetic the really of range automotive companies pipeline their tries remove we sustainable includes and There's transition industry to de a continue to from. companies toy opportunity and engagement for vehicles. and from across see With from But a -carbonize, an materials, that of lot

Emily Cacon

could Okay, great. schedule? question scenarios Origin see there any you me. X now And one start can more Are from actually that ahead of up where right

John Bissell

John. This is Thanks Emily.

place through we've of its what hit we're at winter. our early, the to continue lifted got modules anticipating, think couple and though we've looking I push the a is for way. We're even milestones

that feel ready on do going I But really think to Origin be progress we're getting easily think of off I we're say that, some to feel it milestones lot to early lets deliver be I these risk us delivering out want we're takes prudent. don't think. project. X. by at really good We it And we're way, comfortable on just that just to really this like making of the time, that going we time, pretty that of of a on

Emily Cacon

you. Thank helpful. That's

Operator

ahead. The is Please James. Molchanov Pavel from next question Raymond go from

Pavel Molchanov

for Thanks the question. taking

flip regard purely at same the chain. and an well. to the construction food about that commodity You from for out, you pressure things petrochemical referenced But think the around kind If those steel perspective, time, aspects. we seeing the across the as commodity to When value economic bio-based inflation of inflationary with beverage manufacturers, for feedstocks more example. from appetite you are net and the other

Rich Riley

supply disruptions it XXXX and -- in demand. customer it And to reach or feels zero feedstocks Yeah, or in inflation we would ones. like net It say, these feels driven sustainable Pavel. fossil-based to really feel, This stuff in companies than of more is it's XXXX, ways transition recent macro the steady a their actually feels like many by terms I Rich. from on fairly materials commitments in increase that. demand changes chain to

them feels more work And inflation or these changes the doesn't we're And keeps really like supply so that engage solve this. to But in the getting recent urgency have. like challenges feel it or things urgent it on working directly with really with and big willingness and to connected chain that. they

Pavel Molchanov

better, is either relevant of on the or actual the in from demand equation is very product? the perspective to tax that back anything Yes, Origin, advanced the terms clear. of there in side manufacturing there that's credit Build

Rich Riley

Maybe it's talk Yes, overall. I'll out good efforts zoom about question. a and just regulatory our

So U.S. but at around encouraged area. we been the moment, others and in world. very will local any state, on more wave insights build growing better the to don't And with this are in of share we've legislation legislation active have back levels specific the we federal becoming to here and the

There closely tracking the and a various a on we around initiatives include other credits, the grants, excise relevant the subsidies. imposed production, investment on regulatory And include of fossil-based them schemes back which we're well And so optimistic as world. certain build technology plastics people would in impose legislation would that per taxes also will tax for substantial plastic. so are negative beneficial tax towards our Summit that us, the do drive pound carbon Act, be as legislation non-fossil Reduce is that legislation that better $X.XX virgin fossil-based many

Pavel Molchanov

Okay. Last question.

of operations since Origin government agenda that or the to Is Canada, from is call X happened anything post-election is is, in the reelection of the a rack Trudeau's your where months located. X that's liberal labor of course, One relevance again, ago there the there? things

John Bissell

Good question. Yes.

push at Canadian felt had perspectives And years the our many through We multiple on Canada. has I'd Generally state, our that haven't Canadian environment with for federal behavior, us pleased always the -- relevant it in local, with a consistent will always the it like and operations our it and up I government has from directly the comment of looks speaking, seen consistent pretty on better -- consistent operations technologies. let's is not I'd a for perspective pretty operations renewable pretty government -- this a to say may both friendly interactions different been there. it's something from point. say, whether us We're say

Pavel Molchanov

Thank you very much.

Rich Riley

you. Thank

Operator

session, This as the today's concludes conference question-and-answer well call. as

your a disconnect you Thank participating lines have for pleasant may You and day. now.

Origin Materials (ORGN) 12 Nov 212021 Q3 Earnings call transcript