Biopolymer foams manufactured using CO2 brings a novel intersection for economic, environmental, and ecological impact. PHBV has a low solubility in CO2 while PCL has a high CO2 solubility. In this paper, PCL is used to blend into PBHV and unfoamed and foamed systems are examined. Foaming the binary blends at two depressurization stages with subcritical CO2 as the blowing agent, produced open-cell and closed-cell foams with varying cellular architecture at different PHBV concentrations. Differential Scanning Calorimetry results showed that a reduction in miscibility occurred as the concentration of PHBV increased in PCL matrix, while Scanning Electron Microscopy results showed the occurrence of bimodal cellular properties in some of the foam fractions, which improved their performance properties significantly. The results on the acoustic performance showed limited impact from foaming over the unfoamed blends but mechanical performance of foams showed a significant impact from PHBV presence in PCL. Thermal performance reflected that foams were affected by the blend thermal conductivity, but the impact was significantly higher in the foams than in the unfoamed blends.