Italian firms Gruppo Hera and Bio-on have created a joint venture, LUX-ON to revolutionize the production of PHAs biopolymers using CO2 collected from the atmosphere and producing energy without using fossil fuels.
Bio-on and Hera will be holding 90% and 10% shares respectively. It is reported that Hera may increase its share to 49.9% in the new venture company.
The laboratories and first plant to be located close to the Bio-on Plants industrial facility at Castel San Pietro Terme (Bologna) is expected to be ready by the end of 2019.
Marco Satori, Chairman and CEO, Bio-on S.p.a, said, “We are extremely pleased to work with HERA. The great technological innovation used at Lux-on enables us to increase the industrial sustainability of a new production concept. We are ready to face this new challenge, which will further extend our client base in the coming years, consolidating Italy’s global leadership in high-quality biopolymer production.”
Tomaso Tommasi di Vignano, Executive President of Gruppo Hera, commented, “For Gruppo Hera, which uses innovation and sustainability as the foundations of its multi-utility business taking a share in the new company founded by Bio-on is the representation of a natural coming together of intentions and an alliance that we believe can be developed successfully beyond our territory and across various sectors. With the breadth and quality of our services, this agreement will give further, fundamental green credentials to a project like Lux-on, which aims to change the bioplastics world to transform cuttings and prunings. Considering that Hera collects 200 thousand tons of cuttings and prunings every year, which can be transformed into bioplastic using our technology, this sector has huge growth potential.”