Carbios to launch first PET biorecycling plant in China with Wankai
CARBIOS and Wankai New Materials, a listed subsidiary of Zhink Group, have signed an agreement outlining the key principles of a collaboration to deploy CARBIOS’ PET enzymatic recycling technology in Asia. This step follows a Letter of Intent signed on June 24, 2024.
Under the terms of this agreement, CARBIOS and Wankai would enter into a long-term commitment with the ambition to build and operate several PET biorecycling plants in Asia with a target capacity of one million tonnes per year. CARBIOS would grant, to the joint ventures formed under this agreement, an exclusive licence of CARBIOS technology for the Asian region.
The first step of this collaboration will be the creation of a joint venture dedicated to the construction and operation of a first PET biorecycling plant in China, with a processing capacity of 50,000 t/a of PET waste. CARBIOS will grant to this entity a licence to produce PTA and MEG monomers.
The financing of this future joint venture, in which Wankai would be the main shareholder, will be guaranteed by the latter. The construction project for the first plant is expected to start in the first quarter of 2026.
In addition, Wankai would make a € 5 million investment in CARBIOS S.A.. This investment aims to strengthen the strategic partnership between the two companies.
This project of partnership, including the project of a first plant and investment in CARBIOS, remains subject to the finalisation and signature of the definitive agreements, in particular the shareholders’ agreement and the licence agreement. The parties’ objective is to have them signed by the end of 2025.
This agreement would mark the first licence for CARBIOS’ technology whereby confirming the viability of its business model.