Origin Materials was named to Fast Company magazine’s Top 10 list of innovative manufacturers globally.
The New York-based magazine’s Most Innovative Companies 2022 issue is a prestigious and anticipated list, and it was released today.
The magazine chose West Sacramento-based Origin (Nasdaq: ORGN) for its technology that replaces petroleum in the manufacture of PET plastic, the most recycled plastic in the world. The magazine lauded Origin for taking oil-based feedstocks out of plastic and replacing it with renewable carbon from wood scraps and other biomass, thus creating a carbon-negative PET product used for containers and other manufacturing.
Origin went public last year, and it is now developing production sites in Louisiana and Ontario, Canada.
Fast Company said that Origin at the end of last year had $5.6 billion in contracted agreements for capacity reservations with a string of client companies including Nestlé Waters, Ford Motor Co. (NYSE: F), Danone S.A., and PepsiCo Inc. (Nasdaq: PEP), among others. Origin is also working with Drive+, a global group of auto manufacturers.
Fast Company said it chose Origin because by taking oil-based products out of PET production, it reduces greenhouse gas emissions.
Origin’s product is a drop-in replacement for petroleum in the manufacture of PET plastic. Origin’s product allows existing manufacturers of everything from bags and bottles to clothing and carpet to use a renewable product that is chemically identical to the current petroleum-sourced plastic. Origin's process also captures carbon.
