WEST SACRAMENTO, Calif.--(BUSINESS WIRE)--Origin Materials (“Origin”) (NASDAQ: ORGN, ORGNW), the world’s leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials, today announced the initial product offering from its all-PET caps and closures manufacturing breakthrough. The initial product is the world’s lightest CSD (carbonated soft drink) cap compatible with the PCO 1881 neck finish, the first of its kind ever to be commercially produced with 100% PET and able to be produced with either virgin or recycled PET (rPET).
“There are hundreds of different kinds of caps and closures in container packaging. But the PCO 1881 neck finish is considered a leading standard for carbonated soft drinks and is often used for other products such as juices or even still or sparkling water,” said John Bissell, Origin Co-Founder and Co-CEO. “Because of the ubiquity of bottles using the PCO 1881 finish, it’s an area where our 100% PET cap can make a tremendous difference by improving recycling circularity and product performance in a massive market.”
Bissell added: “Our innovation in the design and manufacturing of PET closures, including closures made with recycled PET, has enabled us to pursue solutions previously thought to be impossible, and an 1881 compatible CSD PET cap is certainly one of them. Now that we have unlocked the use of PET and rPET for use in food, beverage, and home goods closures, we can bring the benefits to a range of products – benefits like improving recycling, extending product shelf life, using less plastic through light-weighting, decreasing manufacturing waste during the bottling process, and expanding the use of recycled material.”
Origin’s 1881 closure offers a superior-performance lightweight design. Since PET (polyethylene terephthalate) offers improved mechanical properties compared with common cap materials like HDPE (high-density polyethylene) and PP (polypropylene), less plastic is needed to achieve better performance with Origin’s design. Origin’s design includes tamper evidence with a particularly satisfying user experience, from its feel to the sound it makes when opened.
“Our caps and closures platform enables mono material solutions – just one material, PET, the most recycled plastic – from cap to bottom for a wide range of product types,” continued Bissell. “Until now, PET was ubiquitous in packaging, except for the caps and closures. We are changing that, by enabling the production of closures with any kind of PET material, whether it’s virgin PET, recycled PET, or bio-based PET.”
“We look forward to showing our PET caps alongside our partners in their booths this week at the NPE2024 conference in Orlando, Florida,” noted Bissell, who will be speaking at the conference on Tuesday.
Origin’s first-of-its-kind, high-throughput production system will make the world’s first PET caps and closures at commercial scale, available beginning in Q4 2024. The solution is a transformative leap forward in packaging, improving recyclability, enabling light-weighting, and extending product shelf-life while addressing a greater than $65 billion market. In conjunction with world-class partners, we are solving the most difficult sustainability challenges, in alignment with our core mission to help transition the world to sustainable materials.
To learn more about Origin’s PET caps and closures, visit our website or contact commercialorder@originmaterials.com.
About Origin Materials
Origin is the world's leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials. Our innovative technologies include all-PET caps and closures that bring recycling circularity and enhanced performance to a ~$65 billion market, specialty materials, and our patented biomass conversion platform that transforms carbon into sustainable materials for a wide range of end products addressing a ~$1 trillion market. Origin’s technology, economics, and carbon impact are supported by a growing list of major global customers and investors. For more information, visit www.originmaterials.com.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin Materials’ business strategy, range of products on which Origin Materials’ caps and closures solution may be use, anticipated performance and recycling circularity improvements and ability to derive them across various products, user satisfaction from tamper evidence, and estimated total addressable market. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Origin Materials and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin Materials. These forward-looking statements are subject to a number of risks and uncertainties, including that Origin Materials may be unable to successfully commercialize its products; the effects of competition on Origin Materials’ business; the uncertainty of the projected financial information with respect to Origin; disruptions and other impacts to Origin’s business as a result of military conflict, severe weather events, and other global health or economic crises; changes in customer demand; and those factors discussed in the Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 5, 2024 under the heading “Risk Factors,” and other documents Origin Materials has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Origin Materials presently does not know, or that Origin Materials currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Origin Materials’ expectations, plans, or forecasts of future events and views as of the date of this press release. Origin Materials anticipates that subsequent events and developments will cause its assessments to change. However, while Origin Materials may elect to update these forward-looking statements at some point in the future, Origin Materials specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Origin Materials’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
