This is great. PET is an excellent plastic with some really great properties. Making some sort of filament and finding a use for it is a much better answer than plastic "recycling." I put recycling in quotes because basically everything we put into the recycling bin goes straight to trash. Almost none of it is actually recycled.
Along those lines, a few companies have popped up that are using plastic as aggregate for asphalt. It's a good idea and improves the properties of the asphalt.

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