France-based CARBIOS and China’s Wankai New Materials, a listed subsidiary of Zhink Group, have agreed to form a joint venture (JV) partnership for the industrial rollout of CARBIOS’ polyethylene terephthalate (PET) biorecycling technology in Asia.
The partnership will start with a new facility in China.
Following the signing yesterday (2 December), the two companies have sealed a shareholders’ agreement to create a JV that will construct and operate what is described as the debut PET biorecycling plant in the country.
The facility will be designed to handle 50,000 tons (t) of PET waste per year.
Under the agreed structure, Wankai will own 70% of the JV, with CARBIOS holding the remaining 30%.
The plant's construction cost, estimated at €115m ($134.1m), will be funded through a mix of 30% equity and 70% debt, with Wankai providing guarantees for the entire debt portion.
The plant is to be built in Haining, in Zhejiang province, on a site made available by Wankai.
The location already benefits from existing infrastructure, which the partners say will lower the overall capital requirements for the project.
Construction is set to start in the first quarter (Q1) of 2026, with commissioning expected in Q1 2027.
In parallel, the parties approved a licence agreement yesterday under which CARBIOS will licence its PET depolymerisation technology to the new JV.
The collaboration is framed as a long-term arrangement, with the two companies aiming to develop several PET biorecycling facilities across Asia.
CARBIOS has agreed to grant Wankai exclusive rights, for an initial three-year period, to licence its PET depolymerisation technology in the region.
This exclusivity is conditional on the signing of licences covering at least 100 kilotonnes per year of additional capacity.
As part of the wider agreement, Wankai has also undertaken to participate in a €5m capital increase in CARBIOS by 2 June 2026.
The shares will be priced at €8.09 each.
CARBIOS CEO Vincent Kamel said: “The signing of this agreement marks the achievement of a major strategic partnership with Zhink Group.
"We are taking a decisive step forward to accelerate the international deployment of our technology, a key innovation in the fight against plastic pollution.”
