LOCAL

Origin Materials announces approval of $1.5 billion in tax-exempt bonds for Geismar facility

Staff Report

Origin Materials announced that the Louisiana State Bond Commision has unanimously passed a resolution granting its final approval of the issuance of up to $1.5 billion of tax-exempt bonds for the financing for the construction of Origin 2, the company's first world-scale manufacturing facility, in Geismar.

According to a news release, Bank of America has been engaged by Origin, a carbon negative materials company, to underwrite the bonds and market them to investors. Origin also continues to work with financial institutions on other forms of traditional private financing and federal loan program, including through the U.S. Department of Agriculture and Department of Energy, and to pursue other local, state, and federal incentives programs.

“We are grateful to the State of Louisiana, the Bond Commission, and the LPFA for their continued support of the development of Origin 2, our first world-scale manufacturing facility,” said John Bissell, co-founder and co-chief executive officer of Origin. “The availability of this funding to support the build-out of the plant will strengthen our ability to create local jobs, and to meet growing demand for our products in the United States and internationally. The Bond Commission’s and LPFA’s approvals are important milestones as we continue to drive towards financing Origin 2.”

“Origin is a perfect example of industry poised to help lead the transformation toward environmentally smart manufacturing. The decision to locate in Louisiana is testament to the talented men and women who make up our state’s workforce,” said State Treasurer John M. Schroder, who chairs the State Bond Commission.