California-based Origin Materials will sell its PET bottle cap technology and other assets as it winds down operations, and is laying off 59% of its workforce including members of the executive team.
John Bissell is stepping down as CEO but will continue to serve on the board of directors. The board appointed CFO and COO Matt Plavan as interim CEO effective May 1.
“We previously reported that, absent near-term financing and reductions in operating expenses, our existing cash and cash equivalents would allow us to continue our planned operations into the third quarter of 2026,” Plavan said in a statement.
He noted that despite “substantial time and effort” over the past year, “our attempts to source additional capital have been unsuccessful,” leaving an “orderly winddown” of the company as the best option.
In Origin’s annual report in late March, then-CEO Bissell said the company was considering a potential business combination, asset divestitures, new financing and technology licensing.
In February, Origin made significant layoffs and shifted focus toward commercializing its PET cap design, as part of a reorganization.
“Last year was a challenging one for Origin that also brought meaningful progress,” Bissell said in March.
At the time, he acknowledged that commercialization had taken longer than initially anticipated, but pointed to successes including an agreement with distributor HP Embalagens, whose customers include Nestle, Ferrero Rocher and Johnson & Johnson.
In the annual report, Origin also pushed back financial guidance as the cap design evolved.
“Because of the additional time we have spent and anticipate spending on design iteration and customer qualification, reflective of customer feedback received in the past quarter, and because of our increased understanding of the bespoke design requirements of key market players, we no longer project achieving Adjusted EBITDA run-rate breakeven prior to 2028, updated from our previous projection of 2027.”
The company also indicated that commercialization would consist of multiple smaller product launches “rather than a single launch consuming all of Origin’s PET cap production.”
Origin facilities include:
- West Sacramento: corporate headquarters, pilot plant, R&D labs
- Sarnia, Ontario: Origin 1 production facility
- Geismar, Louisiana: 148 acres of 183 purchased in 2022 for Origin 2 plant; 35 acres sold in April 2025
