Origin Materials continues commercial qualification, debuts latest caps

Origin Materials (ORGN) announced the production of PET caps with new features as commercial qualification continues. The latest caps were produced at our partner’s facility in Germany on Origin’s CapFormer System, its proprietary system for manufacturing recyclable PET closures. The caps, made with recycled PET and designed for compatibility with the PCO 1881 standard, incorporate new features requested by customers following the successful factory acceptance test of the CapFormer System in September…Bissell added: “Having added knurls and made a few other product refinements, such as changes that help our caps integrate better into existing capping machines and bottling lines, we’re now able to expand our customer qualification efforts. We’ve shipped the new caps for commercial qualification and our momentum with prospective customers remains strong and continues to build. In fact, today we’re happy to announce a new signed customer term sheet, alongside our previously announced MOU for over $100 million in PET caps over an initial two-year term. We are working hard to complete these qualifications so that Origin can begin fulfilling the awaiting customer demand.”