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WEST SACRAMENTO, Calif. - Origin Materials, Inc. (Nasdaq:ORGN), a materials technology company with a market capitalization of $5.85 million and strong recent market performance according to InvestingPro, announced Thursday the introduction of its first PET bottle caps to retail stores through a partnership with Power Hydration, a new alkaline beverage brand. The products are now available in select California locations.
The company describes the launch as an industry first, featuring a commercially scalable PET cap on a PET bottle that offers complete recyclability. The mono-material packaging solution aims to improve sustainability in the beverage industry by enabling full recyclability of both the bottle and cap. With a healthy current ratio of 9.51 and more cash than debt on its balance sheet, Origin Materials appears well-positioned to support this innovative launch.
"A commercially scalable PET cap on a PET bottle is an industry first, representing a significant step forward in the adoption of Origin’s cap platform," said John Bissell, Origin Materials CEO, in a press release statement.
The initial release features Origin’s 1881 closure on Power Hydration’s alkaline water bottles. George Kotzeff, Power Hydration Co-Founder, called the launch "a tremendous milestone for the industry."
Origin Materials, which describes itself as a technology company focused on sustainable materials, targets the PET caps and closures market, which it estimates at approximately $65 billion. While analysts anticipate sales growth in the current year, InvestingPro data reveals the company is currently working through profitability challenges with a revenue of $29.89 million in the last twelve months. The company’s business includes specialty materials and a biomass conversion platform that transforms carbon into sustainable materials. (Discover 8 more exclusive InvestingPro Tips for deeper insights into Origin Materials’ financial health and growth prospects.)
The partnership represents the first commercial application of Origin’s PET cap technology, with the company indicating its customer pipeline includes both large and small brands. According to the announcement, the products are currently available in select California stores.
In other recent news, Origin Materials has entered into a strategic partnership with Royal Hordijk Packaging to mass-produce PET bottlecaps. According to a press release, the collaboration involves Hordijk using its PET extruders to produce sheet material. This material will be used in CapFormer production lines owned by Origin but operated by Hordijk at its European facilities. The production lines will convert PET sheet into bottlecaps, including tethered caps, using high-speed equipment. This partnership marks a significant development for Origin Materials in the packaging sector. The collaboration aims to enhance the production capacity and efficiency of PET bottlecap manufacturing.
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