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In Historic First, Origin Materials Announces Commencement of PET Cap Commercial Production
— Origin CapFormer System 1 passes Site Acceptance Test and begins commercial production o...
About this update from Origen Resources Inc
[{"type":"text","content":"In Historic First, Origin Materials Announces Commencement of PET Cap Commercial Production\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n\n — Origin CapFormer System 1 passes Site Acceptance Test and begins commercial production of PET closures —\n \n\n\n\n\n\n Origin Materials (“Origin”)\n \n (NASDAQ: ORGN, ORGNW), a technology company with a mission to enable the world’s transition to sustainable materials, today announced that, in an historic first, Origin has commenced the commercial production of PET caps at our manufacturing center in Reed City, Michigan.\n \n\n “Achieving this milestone is a tremendous accomplishment, and we couldn’t be prouder,” said Origin CEO and Co-Founder John Bissell. “Producing PET closures at commercial volumes, on the first Origin CapFormer System, in our production center in Michigan is just an awesome milestone in bringing our breakthrough caps to market.”\n \n\n “This first CapFormer line is meeting all of our expectations and is expected to produce hundreds of millions of PET caps each year,” added Bissell. “We are continually improving our technologies and manufacturing process techniques so that future lines will have even higher production rates and even better unit economics. The sky is the limit as we begin to address the $65 billion closures opportunity.”\n \n\n These PCO 1881 compliant caps are anticipated to be transformative for the packaging industry, finally unlocking the performance advantages and recycling circularity long promised by PET caps. Beyond the 1881 format, Origin’s technology platform for producing PET caps is uniquely positioned to improve the sustainability and performance of a wide variety of packaging solutions, both existing and new.”\n \n\n “Market interest and the strength of the overall demand for our caps continues to suggest we will be able to sell every cap we can make,” said Bissell. “We have multiple MOUs signed, with a growing list of prospects in the qualification phase, and a growing pipeline of new potential customers. We're looking forward to announcing additional MOUs along with customer names in the coming months.”\n \n\n Bissell added: “We are excited for what’s t...