ONE. BALI and Chair Capital announce a strategic partnership following the signing of a Memorandum of Understanding (MOU) that establishes a structured USD 12.5M investment pathway for the development of ONE. BALI’s advanced plastics recycling facility at Celukan Bawang, North Bali. The milestone-based investment framework will support the construction, commissioning and mobilisation of industrial infrastructure designed to transform plastic waste into pyrolysis oil for circular economy applications, addressing Indonesia’s plastic waste management crisis while driving long-term economic and community development.

The facility will be built and operated by PT Corsair One Bali, a joint venture between PT One Bali Impact and Corsair Asia Holding Company Limited of Thailand, which brings the recycling technology, operational leadership and commercial relationships with international petrochemical companies from its established operations in Bangkok. The plant will commence with ten reactors and expand to a twenty-reactor model at the North Bali site, with further expansion envisaged in Java. The joint venture will operate within an institutional investment and commercial development framework designed to ensure strong corporate governance, operational accountability and long-term commercial viability.

The MOU provides for an investment of USD 12.5M in a single tranche, deployed through Chair Capital’s Investment Architecture, with capital released as the Company achieves agreed development milestones, following the completion of Chair Capital’s due diligence and Investment Committee approval. Proceeds will fund the phased development of the North Bali plant. A second investment tranche is contemplated to support further capacity in Bali and a second facility in Java, advancing ONE. BALI’s strategy to establish a scalable network of advanced recycling infrastructure across Indonesia.

Bali faces an acute plastic pollution challenge that continues to draw national and international attention, and recent fuel supply pressures on the island have sharpened the public conversation around resource security and regional industrial innovation. ONE. BALI’s model turns a waste stream with a disposal cost into a commercially valuable resource: pyrolysis oil for the global petrochemical industry, where Corsair’s international commercial network connects Indonesia’s future production with established demand. The result is a new domestic industrial value chain that converts Indonesia’s plastic waste into export value and creates economic opportunity within the country. ONE. BALI is progressing its Pre-Series A capital raise through its investor network to fund key development and mobilisation milestones, alongside the structured pathway towards a potential USD 12.5M investment established under its MOU with Chair Capital.

ONE. BALI’s development model places community prosperity, economic empowerment and environmental responsibility at the centre of industrial development. The North Bali plant is projected by the Company to create approximately 130 local jobs at full development, supported by investment in technical training and knowledge transfer to build a skilled regional industrial workforce. The Company intends to integrate Bali’s informal waste collection networks into structured, commercially viable supply chains, strengthening livelihoods and economic participation for waste collection communities. Alongside the plant, ONE. BALI is developing a North Bali community development programme covering education, infrastructure improvements, economic inclusion and community-led initiatives. The Company already supports vulnerable communities connected to the Suwung landfill through food assistance and educational initiatives for disadvantaged children, marginalised families and orphans, delivering social impact ahead of the plant’s commercial operations.

Stuart Livingstone, COO at Chair Capital, commented:

“Bali’s plastic waste problem is visible to everyone who visits the island, and the answer is infrastructure. ONE. BALI is building a plant that takes polyethylene and polypropylene waste off beaches and out of landfill and converts it into pyrolysis oil with established demand from the international petrochemical industry. That is energy transition infrastructure of a very practical kind, and it sits squarely within our focus. Our Investment Architecture structures the USD 12.5M pathway around the development milestones that de-risk a construction project in Indonesia, and we have indicated a second tranche for further capacity in Bali and a facility in Java. What sets ONE. BALI apart is that the community programme and the plant are designed together. Elle and the team have done rigorous work, and we look forward to taking the project through due diligence to construction.”

Elle Watson, Group Chief Executive Officer of ONE. BALI, added:

“Indonesia’s plastic waste crisis is not simply an environmental problem. It is a systemic infrastructure challenge, and one of the greatest untapped opportunities for industrial and economic transformation in the country. At ONE. BALI, we are rethinking how a national challenge can become a catalyst for progress: recovering plastic waste, restoring the environment and creating an entirely new economic proposition for the island and its people. The next era of industrial development must create jobs, develop skills, empower communities and ensure that the value generated by industry is shared with the people and places that make it possible. That is the foundation of ONE. BALI: industrial evolution with social impact at its centre. Chair Capital brings the institutional depth, investment expertise and strategic conviction required to turn that vision into commercial reality. Together we are laying the foundations for something greater than a single plant: a scalable model of circular economy infrastructure that begins in Bali, with the ambition to transform how Indonesia approaches plastic waste, industrial development and community prosperity.”

The parties expect to complete due diligence over the coming months, with Heads of Terms to follow, and the goal of finalising a Formal Investment Offer and establishing a long-term strategic partnership that extends ONE. BALI’s model across Indonesia.

About Chair Capital

Chair Capital is a specialist investment firm with £2.1 billion in committed capital, operating from London and Dubai. The firm focuses exclusively on the critical convergence of energy transition, data centres, AI and MedTech. Chair Capital invests £10M to £100M+ in companies building the critical infrastructure for tomorrow’s digital and sustainable economy. Through its comprehensive Investment Architecture, Chair Capital structures funding deployment around critical business milestones, de-risking the investment journey and positioning portfolio companies for premium valuations.

About ONE. BALI

ONE. BALI is a foreign-owned, impact-led industrial infrastructure company focused on the development of advanced plastics recycling plants in Indonesia. The company is establishing scalable industrial infrastructure to convert post-consumer plastic waste into commercially valuable pyrolysis oil for the global petrochemical industry, supporting Bali’s transition towards a sustainable circular economy. The group’s parent company, ONE. Impact Holding Ltd, is incorporated in the Abu Dhabi Global Market (ADGM), an internationally recognised financial centre operating under an independent legal framework based on English common law. In Indonesia, the group operates through PT One Bali Impact, its locally registered investment and management company, and PT Corsair One Bali, its joint venture operating company established with Corsair Asia Holding Company Limited. The group’s flagship development is located in Celukan Bawang, North Bali, with a phased industrial development strategy and plans for further expansion across Indonesia. The group maintains distinct management and governance structures across its holding, management and operating entities, providing a framework for corporate accountability, operational excellence and long-term strategic growth. ONE. BALI integrates industrial development with measurable environmental and socioeconomic outcomes, including local employment, workforce development, community economic participation and the strengthening of Indonesia’s waste recovery ecosystem. Its development model is founded on the principle that commercially viable infrastructure and long-term community prosperity are mutually reinforcing.