Carbios, a company pioneering new enzymatic solutions to reinvent the lifecycle of plastic and textile polymers, announced that a non-exclusive and non-binding Expression Of Intent agreement was signed with a significant PET producer on April 15th, 2021.
With this additional agreement, as announced on April 6th, 2021 (1), Carbios confirms its plan to build a first-of-a-kind 100% PET recycling production unit using its enzymatic technology (the “Unit”). The company will carry out ongoing studies to select the most suitable site, technically and economically, to build this first industrial and commercial Unit.
Within this agreement, Carbios and the PET producer are considering the opportunity to build the Unit on one of the PET producer’s sites.
Carbios’ first industrial Unit is expected to allow for an annual production of approximately 40,000 tons of recycled PET, with the first revenues to be generated in 2025. It will also strengthen Carbios’ business model, which is focused on the licensing of its technologies, know-how and the sale of enzymes to its licensees, who will build their own PET recycling production units.
“We are delighted to be engaged in strategic discussions with this important PET producer. The building of this first-of-a-kind 100% PET recycling facility is a major step in Carbios’ development,” said Martin Stephan, Carbios’ Deputy CEO.
(1) Cf. April 6th 2021 press release