Sirwin
Sirwin

Origin Materials: Monday Update, 1/9/23


John Bissell to Speak at CERAWeek

CERAWeek, by S&P Global, brings together senior executives, government officials, and leaders in academics, technology, and finance. The agenda is to understand what's ahead for global energy markets, geopolitics, and technology. "CERAWeek is widely considered to be the most prestigious annual gathering of CEOs and Ministers from global energy and utilities, as well as automotive, manufacturing, policy and financial communities, along with a growing presence of tech. It has been described by the Financial Times as the ‘the Davos of energy,’ and by Politico as the “industry’s Super Bowl.” CNBC called it “the world’s preeminent energy conference.” CERAWeek was rated one of the top five overall “corporate leader” conferences in the world." 

Origin Materials co-CEO John Bissell is on the list of speakers for this year's conference. It is set for March 6-10, 2023 in Houston, TX.

Reversal Complete?

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Whatever the reason for the sell-off at the end of December (tax-loss harvesting in my opinion), the stock has completely reversed course and the weekly chart has flipped bullish. The monthly chart (pictured above) is starting to look good too. The next level of resistance appears to be $5.20, which was briefly broken today. A continuation, which will need support again from a broad market rally, would paint a fine picture here for trading of the stock. 

Mechanical Completion Soon

It was reported that the company was "very close" to hitting their end of 2022 goal for mechanical completion of the Origin 1 facility in Sarnia, Ontario before having to put the tools down, due to Winter Storm Elliott. It would stand to reason that, being a week into 2023, the facility should be "mechanically complete" very soon. While definitions can vary, Bissell has defined it as construction being complete and "the final bolts being in place." 

Origin’s first commercial plant set for mechanical completion in January 2023

Commissioning will remain on track for completion by the end of Q1 2023, with start-up beginning shortly thereafter


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