Origin Materials commenced commercial production of PET caps

Origin Materials (ORGN) announced that, in an historic first, Origin has commenced the commercial production of PET caps at our manufacturing center in Reed City, Michigan. “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.” “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 $65B closures opportunity.” …We’re looking forward to announcing additional MOUs along with customer names in the coming months.”… Looking ahead, we expect to ramp the production volume of line 1 over time and with additional CapFormer Systems being manufactured and tested concurrently with the startup of line 1. As previously indicated, we’ll be bringing additional CapFormer Systems on-line throughout 2025.”