In Russia, Bio-on has licensed its bioplastics technology to TAIF Group for €17.6 million ($20.0 million).
Bio-on, which is headquartered in Italy, will receive €5.6 million for licensing the production process for polyhydroxyalkanoates bioplastics using sugar byproducts as feedstock. The company will also receive , and €12 million for supplying fermenters design plants.
TAIF will install 10,000 tons/year of production capacity in the Republic of Tatarstan. The unit, which will be Russia’s first PHA plant and could be expanded to 20,000 tons/year in the future, will cost approximately €90 million.
“This agreement is of major importance to us,” says Marco Satori, Bio-on Chairman and CEO. “It rewards the long and complex negotiations process launched in 2017. Signing the first contract with one of the main industrial groups in the Russian Federation, a leading plastics manufacturer, it confirms the immense value of PHAs bioplastic, which is today the only alternative to the environmental issues created by conventional plastics.”