CARBIOS and Wankai seal major deal to launch Asia's first large-scale PET biorecycling plant

CARBIOS and Wankai seal major deal to launch Asia’s first large-scale PET biorecycling plant

CARBIOS and Wankai New Materials, a subsidiary of China’s third-largest PET producer Zhink Group, have signed a definitive agreement to establish a joint venture for large-scale PET biorecycling in Asia. The partnership marks a significant milestone in deploying enzymatic recycling technology across the region, with construction of the first facility beginning in the first quarter of 2026.

Background

The joint venture will construct a €115 million (US$134 million) PET biorecycling plant in Haining, Zhejiang province, with an annual processing capacity of 50,000 metric tons of PET waste. Wankai will hold a 70% majority stake while CARBIOS retains 30%, with financing structured as 30% equity and 70% debt, fully guaranteed by Wankai. The facility is expected to commence operations by the first quarter of 2027. CARBIOS will license its PET depolymerization technology to produce purified terephthalic acid (PTA) and monoethylene glycol (MEG) monomers.

Significance

This partnership represents a transformative step for circular PET production in Asia, the world’s leading PET manufacturing region. The agreement establishes a long-term commitment to develop multiple biorecycling facilities across Asia, targeting one million tonnes of annual capacity. CARBIOS has granted Wankai exclusive licensing rights in Asia for three years, extendable based on additional capacity commitments of at least 100,000 tonnes annually. The collaboration accelerates the transition toward sustainable, low-carbon PET production while positioning both companies as leaders in enzymatic recycling innovation.