UAB "BONO Lithuania" is implementing a project partly financed by the European Union

UAB “BONO Lithuania” is currently implementing the European Union-funded project “BONO Lithuania R&D investment project for the development of innovative products” No. 01.2.1-LVPA-K-823-03-0030 (hereinafter referred to as project). The company belongs to the BONO group of companies, which is one of the largest forest property management and development companies in Latvia.

UAB “BONO Lithuania” initiated a project aimed at increasing the company's innovation potential through research and experimental development (R&D), developing new products in the field of smart specialization, and attracting foreign investment. The project envisages the development of new information technology-based products both in company's field of specialization (for the forestry sector) and applying an existing knowledge in sectors facing similar challenges. The project envisages research for the development and validation of an innovative automated forestry and car leasing systems’ concept in laboratory conditions, as well as experimental development for the creation and demonstration of an innovative automated prototypes of both systems under real operating conditions. It is also planned to establish an R&D base by acquiring the equipment necessary for the performance of R&D activities: wood 3D scanner, computer equipment necessary for the installation of researchers' workplaces.

At the end of the project, it is planned to develop and market two new products at the global level – the smart forestry platform and a platform for valuing and crediting used cars. The forestry platform under development will ensure and cover the entire business model of the forestry and primary wood processing sector, bringing together all the measures to increase the efficiency of the sector in one place. The developed technological solution will reduce the costs of companies in the forestry and primary wood processing sector by significantly reducing the volume of those activities which are not directly related with its main field of work. Another product, the car valuation and leasing platform, will allow to determine the price of a used car, its future changes, its value depending on the countries where the car has been or will be used. This platform will fundamentally change the used cars' loan market by making the loan process fully automated.

This project is partly financed by the European Regional Development Fund under priority 1 “Promotion of scientific research, experimental development and innovations” of the Operational Programme of the European Union Structural Funds for 2014-2020 measure No. 01.2.1-LVPA-K-823 „SmartInvest LT+“.

The total value of the project is EUR 2.956.001,48, of which EUR 1.479.332,47 is financed by the European Regional Development Fund and EUR 1.476.669,01 is the company's own contribution. Project activities have started 2022 April 15th and will be completed in 2023 August 31st.

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