French company Carbios and Wankai New Materials — a listed subsidiary of Zhink Group, the world’s fourth-largest PET producer — have signed a definitive agreement to form a strategic partnership aimed at accelerating the large-scale deployment of Carbios’s PET biorecycling technology across Asia. The first milestone in this collaboration is the construction of a state-of-the-art PET biorecycling plant in China.
On 2 December 2025, the companies formalised a shareholders’ agreement to establish a joint venture dedicated to building and operating a 50,000-tpa PET biorecycling facility. Wankai will hold a 70% majority share in the JV, while Carbios will retain the remaining 30%. The €115-million project will be financed through a combination of 30% equity and 70% debt, with Wankai guaranteeing the entire debt component.
The plant will be built in Haining, Zhejiang province, on land provided by Wankai. As the site is already equipped with key infrastructure — including equipment and waste-treatment systems — the project will benefit from reduced capital expenditure. Construction is scheduled to begin in the first quarter of 2026, with commissioning targeted for early 2027.
Alongside the JV agreement, both companies also approved the associated license deal, under which Carbios will license its innovative PET depolymerisation technology to the JV once established.
Long-Term Strategic Expansion Across Asia
Carbios and Wankai have committed to an extended partnership with ambitions to roll out multiple PET biorecycling plants across Asia. Under the agreement, Carbios will grant Wankai exclusive licensing rights to its PET biorecycling technology for a three-year period, contingent on Wankai securing licences for at least 100-ktpa of additional capacity. The exclusivity period will automatically extend in five-year increments when licences covering a further 200-ktpa of capacity are signed.
To reinforce the collaboration, Wankai has also committed to subscribing to a €5-million capital increase in Carbios S.A. by 2 June 2026.
Vincent Kamel, CEO of Carbios, said:
“This agreement marks a major strategic milestone with Zhink Group. We are accelerating the global deployment of our technology — a crucial innovation in the fight against plastic pollution. Through this partnership, we bring our licensing model to life and take a significant step toward a more sustainable future.”