CARBIOS, a leader in enzymatic recycling technology, has signed an agreement with Wankai New Materials, a subsidiary of Zhink Group, to introduce its PET recycling technology across Asia. This follows a letter of intent signed earlier in June 2024. The collaboration aims to build a series of PET bio recycling plants in Asia, with a goal to process one million tonnes of PET waste annually.
The first project under this partnership will focus on constructing a PET biorecycling plant in China. The plant, set to process 50,000 tonnes of PET waste per year, will be the first step toward the larger goal. The plant will also produce key monomers like PTA and MEG, which are crucial in PET production.
The new joint venture will be mainly funded by Wankai, which will also be the lead shareholder. This partnership is a significant move in the development of a circular PET economy, particularly in China, which is the largest producer of PET globally.
As part of the agreement, Wankai will also make a €5 million investment in CARBIOS, solidifying the partnership. The project remains contingent on the finalization of agreements, including a shareholder agreement and licensing deal, with a target completion by the end of 2025.
Vincent Kamel, CEO of CARBIOS, emphasized the importance of this deal for CARBIOS’ licensing model, calling it a critical step in rolling out their technology globally. This move aligns with CARBIOS’ broader efforts to drive the shift toward a more sustainable and low-carbon PET industry, particularly in the high-demand market of China.
By combining CARBIOS’ cutting-edge enzymatic recycling technology with Wankai’s production capabilities, this partnership marks a key development in the journey toward a more sustainable future for PET plastics.
