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Origin Materials to cut back

‘Carbon negative’ materials company Origin Materials has announced an organisational realignment. With immediate effect, the California-based firm has cut the workforce by about 30%. It will will incur about $500,000 in severance costs and about $2.2 million “for the accelerated vesting of certain equity awards”.

Origin said that this is consistent with its focus on near-term revenue opportunities and cash management. “The changes we are implementing support our plan to execute priority initiatives representing high-margin, near-term opportunities, while deferring some research programmes with strong, but longer-term economic impacts,” said John Bissell, co-founder and co-CEO.

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