Bio-on announced it has signed a new multi-license contract worth EUR 55 million with a major multinational company and leader in its sector. The goal of Bio-on's new client is, within the next 3 years, to replace conventional plastic with biodegradable biopolymers made from agro-industrial waste using Bio-on's revolutionary PHAs bioplastic. Thus transforming waste into raw material, using a new plastic with a positive impact on people and the planet. The first license comes into effect on signing the agreement, while a second will be activated in the first half of 2017, concluding the preparatory activities for the launch of the industrial project. All licenses and relative revenues, for a total of EUR 55 million, will be developed continuously over the next 24-36 months. Alongside the industrial development, the two companies have signed two further agreements to design and develop new applications for the materials by Spring 2017. This activity will be worth EUR 1 million. The plan envisages the construction of a series of PHAs bioplastic production plants for an overall output of 100,000 tonnes per year. The individual plants will have a potential of between 10,000 and 30,000 tonnes per year and will be built in Europe and Asia according to a three-year schedule, which will meet the needs of Bio-on's multinational client to produce its own PHAs biopolymer. Thanks to this agreement, the company will from 2020 be able to replace a large part of the conventional plastic now used in its products with an innovative, 100% natural and biodegradable material. The PHAs bioplastics (polyhydroxyalkanoates) developed by Bio-on are made from renewable plant sources with no competition with food supply chains. They guarantee the same thermo-mechanical properties as conventional plastics with the advantage of being 100% eco-sustainable and naturally biodegradable at ambient temperature.