France's CARBIOS and Wankai New Materials have locked in a landmark agreement to bring large-scale PET biorecycling to Asia, kicking off with a major plant in China. The deal, finalized on 2 December 2025, fulfills the commitment both companies announced on November 6.

 

Under the newly signed shareholders’ agreement, the partners will form a joint venture to build and operate a PET biorecycling facility capable of processing 50,000 tons of PET waste annually. Wankai, a listed subsidiary of Zhink Group — China’s third-largest and the world’s fourth-largest PET producer — will take a 70% stake in the venture, with CARBIOS holding the remaining 30%.

 

The €115 million project will be financed through a 30/70 equity-to-debt structure, with Wankai guaranteeing all debt. The plant will rise in Haining, Zhejiang province, on a Wankai-provided site already outfitted with key infrastructure, helping keep investment costs down. Construction is slated to begin in early 2026, with start-up targeted for the first quarter of 2027.

 

Both companies also approved the license agreement that will grant the joint venture access to CARBIOS’s PET depolymerization technology upon its creation.

 

Looking beyond the first plant, the partnership sets the stage for a broader rollout. CARBIOS has agreed to exclusively license its technology to Wankai in Asia for three years, contingent on at least 100,000 tons per year of additional licensed capacity. The exclusivity will automatically extend in five-year increments if further licenses covering at least 200,000 tons per year are signed.

 

Strengthening the alliance further, Wankai has committed to subscribe to a €5 million capital increase in CARBIOS S.A. by 2 June 2026, at an issue price of €8.0947 per share — the volume-weighted average over the five trading days preceding 1 December 2025, minus a 10% discount.