In a significant step toward sustainable plastics management in Asia, CARBIOS and Wankai New Materials, a subsidiary of Zhink Group and one of the world’s largest PET producers, signed a definitive agreement to deploy CARBIOS’s PET biorecycling technology at scale. The initiative will begin with the construction of a PET biorecycling plant in China.
Joint Venture to Build First PET Biorecycling Plant in China
On 2 December 2025, CARBIOS and Wankai formalised a shareholders’ agreement to establish a joint venture. The venture will build and operate the first PET biorecycling plant in Haining, Zhejiang province. Key details include:
*Capacity: 50,000 tons of PET waste per year
*Ownership: Wankai holds 70% and CARBIOS holds 30%
*Construction financing: €115 million, funded 30% by equity and 70% by debt, with Wankai guaranteeing the debt
*Location advantage: The site, provided by Wankai, is already equipped with essential infrastructure, including equipment and waste treatment facilities, reducing investment costs
*Timeline: Construction expected to start in Q1 2026, with commissioning by Q1 2027
Exclusive Licensing and Technology Deployment
The two companies approved a license agreement, whereby CARBIOS will license its PET depolymerization technology to the joint venture. This ensures:
*Exclusive rights: CARBIOS technology licensed exclusively to Wankai in Asia for an initial three-year period.
*Capacity expansion potential: The companies will sign licenses for at least 100 kt per year of additional capacity, and they can extend them in five-year increments if they secure additional licenses for at least 200 kt per year.
As per the press release, CARBIOS and Wankai have committed to a long-term collaboration with the ambition to develop multiple PET biorecycling plants across Asia. This partnership aligns with both companies’ vision to scale sustainable PET recycling solutions. It also promotes circular economy initiatives in the region.
