Bio-on gives license for production of bioplastic in Russia to TAIF Group. Russia for Euro 17.6 million. Signed in the presence of Russian Federation President Vladimir Putin and Italy’s Prime Minister Giuseppe Conte in Moscow, the agreement will improve technological and commercial relations between Italy and Russia.
Under the agreement, Bio-on, the Italian company, will get Euro 5.6 million for licensing the technology to produce 100% natural and biodegradable PHAs bioplastic from sugar by-products, and Euro 12 million for supplying high-tech fermenters design plants according to the Bi-on proprietary technology to the TAIF JSC group.
With this agreement, the PHAs production plant based on Bio-on technology will be installed in the Republic of Tatarstan for the first time in the Russian Federation. The production plant will have a capacity of 10 thousand tons/year expandable to 20 thousand tons/year in the future. TAIF JSC group will contribute 90 million Euro for the construction of the plant
It is a major achievement for the Italian company after four years of listing on the Milan stock exchange on 24 October 2014 with the ON symbol.
TAIF JSC group’s new plant will open up new sectors of development for the revolutionary “green” plastic designed on Bio-on technology, both in segments traditionally served by oil-based plastics and in high added value advanced sectors.
Marco Satori, Chairman and CEO, Bio-on S.p.A., said, “This agreement is of major importance to us. 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.”