Origin Materials makes PET bottle caps — specifically the PCO 1881-format closure, the standard cap used on most beverage bottles. Nearly all bottle caps today are made from HDPE or polypropylene; Origin argues its PET caps offer better recyclability (cap and bottle are the same material, recyclable together), superior gas barrier properties, lighter weight, and optical clarity. Origin's manufacturing process, called CapForming, uses thermoforming rather than the injection or compression molding used for conventional caps. Origin argues thermoforming produces higher-quality PET caps with thinner walls and the ability to incorporate recycled PET, and that the process becomes increasingly advantaged over injection molding as cap size grows. Origin sells caps directly to beverage brands and through packaging distributors. The customer qualification process — getting a new cap approved for a brand's bottling line — takes one to two years, making it the key commercial hurdle. Origin manufactures caps using CapFormer Systems deployed at its own facilities, primarily in Reed City, Michigan, and through third-party partners including Royal Hordijk in the Netherlands. Origin is building out eight CapFormer lines through 2025-2026, with throughput improving materially with each successive generation. Origin's near-term focus is the flat water segment, with carbonated soft drinks and food applications targeted next. Beyond direct cap sales, Origin is exploring licensing its CapForming technology as an additional revenue stream. The company is pre-profitability and financing growth through cash, equipment-backed debt, and a convertible debt facility.