Graft Polymer (UK) PLC on Monday said that it has signed a research and development agreement with Forpet Baltic SIA, a Latvia-based ecological packaging solution firm.

Graft Polymer is a London-based company focused on the development and production of polymer modification, biological supplements, and nano-drug delivery systems. Its shares were up 11% to 2.50 pence each in London on Monday morning.

Together, Graft and Forpet will research and produce recycled PET, a sustainable form of polyethylene terephthalate which is used in the production of water bottles and food containers.

Following the joint research and development stage, Graft will supply Forpet with recycled PET for manufacturing.

According to Graft, the global PET market is expected to grow from $48.4 billion in 2023 to $91.4 billion by 2030. The material is both recyclable and lightweight, making it useful to the packaging industry.

We are delighted to forge this new partnership with Forpet, a leader in the field of sustainable and environmentally friendly packaging. Our deep expertise in polymer modification will help play a vital role in developing game-changing solutions for the disposable plastic industry,‘ said Chief Executive Officer Victor Bolduev.

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