Core Points - CARBIOS and Wankai New Materials have established a strategic partnership for the large-scale deployment of CARBIOS's PET biorecycling technology in Asia, starting with a PET biorecycling plant in China [1][2][3] Company Overview - CARBIOS is a biotechnology company focused on developing biological solutions to reinvent the lifecycle of plastics and textiles, aiming to prevent plastic pollution and promote a circular economy [2][3] - The company has two main technologies: PET biorecycling and PLA biodegradation, with an operational industrial demonstration plant since 2021 [2] Partnership Details - The joint venture will construct a PET biorecycling plant in Haining, Zhejiang province, with a processing capacity of 50,000 tons of PET waste [3] - Wankai will hold a 70% stake in the joint venture, while CARBIOS will retain 30% [3] - The estimated construction cost of the plant is €115 million, financed by 30% equity and 70% debt, with all debt guaranteed by Wankai [3] Future Plans - Construction of the plant is expected to begin in Q1 2026, with commissioning targeted for Q1 2027 [3] - CARBIOS has committed to exclusively license its PET depolymerization technology in Asia to Wankai for three years, with potential extensions based on additional capacity agreements [3] Financial Commitment - Wankai will subscribe to a capital increase of €5 million in CARBIOS S.A. before June 2, 2026, at a share price of €8.0947, reflecting a 10% discount [3]
CARBIOS and Wankai New Materials sign the definitive agreement establishing a strategic partnership to the large-scale deployment of CARBIOS’s PET biorecycling technology in Asia