Origin Materials - 12/2/22 Updates
Bill Harvey Added to Black Bay Energy Capital's Strategic Advisory Board
On November 30, it was announced that Bill Harvey would join Black Bay Energy Capital's SAB. Harvey has served on the board of directors at Origin Materials since 2017. He has spent over 30 years at DuPont in various capacity and is currently the President of DuPont Packaging and Industrial Polymers. Why is his addition to the Strategic Advisory Board of Black Bay Energy Capital important? For one, they are based out of New Orleans, LA -- in very close proximity to the Origin 2 Megasite in Geismar, LA. Additionally, Black Bay is a private equity firm who "invests equity capital alongside talented entrepreneurs that provide a differentiated product or service to their clients to help reduce costs, improve operations, and achieve ESG initiatives." Does that sound familiar?
Differentiated product? Check.
Help clients reduce costs? Check.
Improve operations? Check.
Achieve ESG initiatives? Check.
Let the speculation continue!
Hiring Continues
The company is continuing to add new employees, recently adding a Technical Analyst and a member of the Accounting department. According to the company's LinkedIn page, they are currently seeking to fill 12 positions:
IT Director (West Sacramento)
Executive Assistant
Business Coordinator
Director of Sustainability
Logistics Manager
Plant Manager (West Sacramento)
Process Analytical Scientist (West Sacramento)
Environmental Specialist - Engineer (Sarnia)
EH&S Specialist (West Sacramento)
Project Engineer
Process Engineer - Solids Handling
Process Engineer
O1 Mechanical Completion Imminent
Officially, it has been revealed that the Origin 1 facility in Sarnia, Ontario will be completed by the end of 2022. Well, that's 29 days to go. Speculation is running through the investor community: some believe the announcement will come any day, some are saying the end of the month is more likely. So far, the company has achieved all construction milestones on time or ahead of schedule. While a delay is certainly not out of the realm of possibility, it would be a first for the company since becoming publicly traded. In all likelihood, the mechanical completion announcement will come at the end of December.
Mechanical completion is "the final phase of construction activities to verify the completeness of the constructed plant that each installed component conforms to or is fabricated, installed, and tested in accordance with the project specifications and procedures after all mechanical works including pre-commissioning (PC) activities are completed." (The Project Definition)
Weekly Chart
The weekly chart is somewhat bullish, though overall trading volume on the stock remains relatively low. It is good to see higher highs and lower lows being established, as perhaps an uptrend is forming.
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