Core Insights - Carbios and Wankai have established a joint venture to develop a PET biorecycling plant in China, marking a significant step in their strategic partnership aimed at addressing plastic pollution through innovative recycling technology [4][5][10] Company Developments - The joint venture will exclusively license Carbios' PET depolymerization technology to Wankai for three years, with the potential for extension based on additional capacity agreements [1] - The initial processing capacity of the plant is set at a minimum of 50,000 metric tons of prepared PET waste per year, with ambitions to expand further [2] - Construction of the biorecycling plant is expected to begin in the first quarter of 2026, with commissioning targeted for the first quarter of 2027 [10] Financial Aspects - Wankai has agreed to participate in a capital increase of 5 million euros (approximately $5.83 million) in Carbios by June 2024, with shares priced at 8.09 euros ($9.44) each [9] - Following the announcement of the strategic partnership, shares of Carbios increased by over 25% on the Euronext Growth Paris stock market, closing at 11.50 euros ($13.37) [4] Industry Context - China is the largest producer of PET globally, accounting for 38% of the world's recycled PET consumption in 2021, with significant potential for growth in rPET production [11][12] - The region produces 67 million tons of PET annually, representing 61% of global production, highlighting the strategic importance of establishing recycling facilities in Asia [12]