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 another innovation in its PET caps and closures portfolio: the world’s first tethered PET cap.
“Cap tethering mandates are coming into effect later this year in Europe through the EU Single-Use Plastic Directive. Further mandates are anticipated around the world,” said John Bissell, Origin Co-Founder and Co-CEO. “Tethered caps are designed to stay connected to the container and thereby improve cap collection rates for recycling. We have already seen strong demand for our tethered caps, which we have developed in conjunction with our PET caps and closures initiative, while the regulatory environment continues to evolve and incentivize tethered solutions.”
The new tethered cap complements Origin’s previously announced PET closure, which is the world’s lightest CSD (carbonated soft drink) cap compatible with the PCO 1881 neck finish. Our PCO 1881-compatible cap is the first of its kind ever to be commercially produced with 100% PET. Origin PET caps, including our tethered cap, may be produced with any kind of PET material, whether it’s virgin PET, recycled PET (rPET), or bio-based PET.
Bissell continued: “Cap tethering is poised to transform beverage packaging and we are well-positioned to lead in this arena. First, whether tethered or not, our PET caps offer better performance than traditional HDPE and polypropylene caps, extending product shelf life and enabling light-weighting. Second, our technology enables mono-material tethered PET products, meaning cap and container are both PET and can be recycled together seamlessly with no need to separate the two material streams, offering clear advantages when tethering. Third, more PET in the recycling stream means higher value bales of recycled material, which is good for recyclers and increases the supply of recycled PET. Fourth, our solution can expand the use of recycled content – specifically recycled PET – something global beverage brands are eager to do.”
“We are enhancing the circularity of the recycling system in ways that were previously thought to be impossible. And we are excited to show our PCO 1881-compatable PET caps alongside our partners in their booths this week at the NPE2024 conference in Orlando, Florida,” added Bissell, who will speak at the conference today, Tuesday, May 7.
Origin’s first-of-its-kind, high-throughput production system will make the world’s first PET caps and closures at commercial scale. Our PCO 1881-compatible caps will be available beginning in Q4 2024, with PCO 1881-compatible tethered caps to follow afterward. Our PET caps and closures are a leap forward in packaging, improving recyclability, enabling light-weighting, expanding the use of recycled content, 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, 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.
