Carbios (Euronext Growth Paris: ALCRB), a biotech company developing and industrializing biological solutions to reinvent the life cycle of plastic and textiles, and Indorama Ventures Public Company Limited (IVL) (Bloomberg ticker IVL.TB), a global sustainable chemical producer, announce today the signing of a non-binding Memorandum of Understanding (MOU) to form a Joint Venture for the construction of the world’s first PET biorecycling plant in France[1].
Based on and subject to the comprehensive terms set out in the MOU, Indorama Ventures plans to mobilize about €110 million for the Joint Venture in equity and non-convertible loan financing[2], pending final engineering documentation and final economic feasibility studies. Both parties have acknowledged their mutual support for the implementation of the project and their intent to finalize contract documentation before end 2023.
Subject to the successful performance of this first plant in France, Indorama Ventures confirms its intention to potentially expand the technology to other PET sites for future developments.
Under the agreement signed today, Carbios, which filed for plant permitting in December 2022, should acquire 13ha land from Indorama Ventures’ existing PET plant at Longlaville and expects to be granted permits by Q3 2023, allowing start of construction by end of 2023 and targeted commissioning in 2025. The land surface offers the possibility to double capacity. Pursuant to this MOU, Indorama Ventures shall ensure 100% of output repolymerization and both partners shall collaborate to secure feedstock supply.
"Today’s announcement is a significant landmark in our partnership with Indorama Ventures and a major step forward in realizing our joint first-of-a-kind PET biorecycling plant. The technical due diligence jointly undertaken with Indorama proves the robustness of Carbios’ disruptive technology. At Carbios, we are committed to bringing plastic and textiles into the circular economy. Our first reference unit at Longlaville is a springboard for our industrial and commercial deployment worldwide in order to reach our leadership goals in advanced recycling of PET.”
Emmanuel Ladent, Carbios CEO
