The cornerstone of the partnership is a joint venture that will build and operate China's first industrial-scale PET biorecycling plant with an annual processing capacity of 50,000 tonnes of PET waste. Located on an existing Wankai site in Haining, Zhejiang Province, the facility will benefit from established infrastructure, lowering overall investment. Construction is scheduled to start in the first quarter of 2026, with commercial commissioning targeted for the first quarter of 2027.
Wankai will hold a 70% majority stake in the joint venture, while Carbios will own 30%. The estimated €115 million project cost will be financed through 30% equity and 70% debt, with Wankai providing full guarantee for the debt portion.
On the same date, the parties also executed a technology licence agreement under which Carbios will grant the joint venture exclusive rights to use its proprietary PET depolymerization process.
The partnership includes a long-term framework for further expansion: Carbios has agreed to license its technology exclusively to Wankai in Asia for an initial three-year period, provided licences for at least 100 kt/year of additional capacity are signed. The exclusivity will automatically renew in five-year periods upon achievement of further capacity milestones of at least 200 kt/year each time.
To reinforce the alliance, Wankai has committed to subscribe, before 2 June 2026, to a €5 million reserved capital increase in Carbios at €8.0947 per share (representing the volume-weighted average price of the five trading days ending 1 December 2025, less a 10% discount).
The collaboration combines Carbios' breakthrough biorecycling technology with Wankai's extensive PET manufacturing expertise and Asian market presence, paving the way for accelerated adoption of circular PET solutions across the region.
