Chairman Pat Volpe said the company has successfully completed a first production run of the revolutionary carrier bags, known as CO2STM - or, carbon dioxide plus a starch based renewable resource.
"This is the first time CO2 emissions have been transformed in this way, and the development has the potential to revolutionise the production of bioplastics around the globe," he said.
Pollutant CO2 emissions are captured prior to being released into the atmosphere.
This pollutant is then transformed into a polypropylene carbonate (PPC) polymer and blended with a renewable resource (starch), using the company's new technology, to produce the Cardia Bioplastics CO2STM resin. This product is then used to produce a completely biodegradable carrier bag.
Pat Volpe said this revolutionary development promises to offer packaging alternatives globally, with the company now in discussion with several parties interested in the technology.
"Our new patent pending blending technology used to manufacture CO2STM compostable product will complement the existing Cardia Bioplastics portfolio." Pat Volpe said.
"We are delighted to be at the cutting edge of green technology by developing a new generation of bioplastics films for carrier bags and other products that is able to transform a problematic waste pollutant into an environmentally friendly alternative product," he said.
Cardia Bioplastics now plans to perfect the new CO2STM technology by increasing the PPC content and the renewable resource component so that up to 60% less virgin oil will be used, when compared to currently marketed biodegradable oil based products.
Cardia Bioplastics will also aim to achieve international compostability accreditation standards for CO2STM. Pat Volpe said manufacturing can easily be scaled up to meet commercial volumes with the aim to provide CO2STM bags at prices below current compostable carrier bags.
"We are now ready to commercialise this innovative technology and are searching for a suitable international partner with oil or gas wells, or refineries producing CO2 emissions. We are getting close in our negotiations and the market will be informed when current discussions materialise into a support agreement," he said.