Origin Materials announced the production of PET caps incorporating new features, including knurls, which improve grip and consumer experience. These latest caps were produced at a partner's facility in Germany using Origin's proprietary CapFormer System and are made with recycled PET, compatible with the PCO 1881 standard.
The first CapFormer System is now being prepared for shipment to Reed City, Michigan, for installation, with further cap production anticipated to begin in the first quarter of 2025. Producing these caps in Europe allowed for parallel customer qualification and efficient implementation of new features with European equipment partners.
The company has expanded its customer qualification efforts with these new caps and announced a new signed customer term sheet. This adds to the previously announced Memorandum of Understanding (MOU) for over $100 million in PET caps over an initial two-year term, indicating growing customer momentum.
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