Following the Letter of intent signed on June 24, 2024, CARBIOS (Euronext Growth Paris: ALCRB) and Wankai New Materials (“Wankai”), a listed subsidiary of Zhink Group, 3rd largest PET producer in China and 4th globally, announce the signing of an agreement on the fundamental principles of a collaboration aiming to deploy CARBIOS PET enzymatic recycling technology in Asia.
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.
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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 an annual processing capacity of 50,000 tonnes of PET waste per year. CARBIOS will grant to this entity a licence to produce PTA and MEG monomers.
Construction to start in 2026
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 would 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 finalization 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.
Key market
As the world leading producer of PET, China is a key market for CARBIOS. This agreement represents a strategic step forward for both partners, who are determined to accelerate the development of a circular PET industry in Asia.
Vincent Kamel, CEO of CARBIOS, said: “This agreement represents a key step in the international roll-out of our technology and an important milestone in the implementation of our licensing model. This cooperation with Wankai, China’s third-largest PET producer, will enable us to produce enzymatically recycled PET and thus make a concrete contribution to the transition to a more circular and low-carbon PET industry.”
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