Bio-on grants bioplastic technology license to Russian group TAIF

摘要

Bio-on,listed on the AIM segment of Borsa Italiana and operating in the high quality bioplastic sector,has signed an agreement with the Russian TAIF JSC group,which will acquire a license to build the Russian Federation's first plant producing 100% natural and biodegradable PHAs bioplastic,in the Republic of Tatarstan.The agreement was signed in the Kremlin in Moscow as part of bilateral meetings between Italy and Russia,in the presence of Russian Federation President Vladimir Putin and Italy's Prime Minister Giuseppe Conte.It marks a major milestone for the Italian company exactly 4 years since it was listed on the Milan stock exchange in 24 October 2014 with the ON symbol.The agreement is worth a total of 17.6 million Euro(as anticipated in the presentation of the half-year results).In particular,5.6 million goes on licensing Bio-on's exclusive technology to produce PHAs from sugar beet by-products;12 million goes on the supply of plant components built according to Bio-on's proprietary technology.The industrial group TAIF JSC,operating in the traditional petrochemical sector,will invest a further 90 million Euro in building a 10 thousand tons/year production site expandable to 20 thousand tons/year in the future.