Origin will make its debut at the 33rd America's Cup, which will take place either in 2009 or 2011, depending on whether the event switches from its four-year to a two-year cycle.
Mills believes the team could act as a platform for promoting green products and services. 'The America's Cup ticks a lot of environmental boxes,' he said.
It is hoped that sponsors will be found in similar sectors to those involved with F1, such as high-end luxury and technology brands.
The promotion of green credentials through sports sponsorship is a growing market. London 2012, of which Mills is the deputy chairman, is promoting itself as the greenest Olympics yet under an umbrella campaign entitled 'One Planet Olympics'.
The Games' organisers are also encouraging brands to join together to promote green products as part of a group of top-tier domestic partners.
In Formula One, the Honda Racing team has taken the unprecedented step of replacing the usual branding on its cars with an environmental project entitled 'My Earth Dream'. The livery, created by 19 Entertainment, made its debut at the Australian Grand Prix this month.
Origin hopes to secure the first of between two and four principal brand partners by the end of the third quarter this year.
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