The business will convert shellfish waste into chitin. Chitin is a natural, 100% compostable biopolymer.
CuanTec uses a scientifically proven method to process shellfish waste in an environmentally friendly way. Their product is high-quality, ultra-pure chitin. CuanTec’s chitin extraction process uses 66% less electricity than traditional chitin extraction, thereby contributing to the circular economy. Chitin also has characteristics that allow it to be converted into superior alternative plastics that have significantly reduced impacts on the planet when compared to fossil-fuel based plastics. CuanTec already has an expert team in place and will be adding new staff as they scale up to industrial production.
Moreover, CuanTec’s packaging is not only superior due to its green credentials, but also has natural antimicrobial properties. This antimicrobial activity is incredibly beneficial, helping to prevent and stop unwanted bacterial and fungal growth, as a result of which food keeps longer without spoiling. CuanTec has a well-developed plan to start producing chitin by Q3 2022; in the future, their business goals include global growth, starting in 2023. Our partnership means working closely alongside CuanTec’s existing partners and investors, including the University of Strathclyde and Scottish Enterprise.
In early 2022, Hive acquired majority shares in CuanTec.
Similarly to NER and DBG, CuanTec is one of our circular economy investments. These investments also allow us to make a measurable carbon-negative difference. Likewise, by investing in sustainable businesses, we support our mission to drive positive change. The outcome of our investments is green products to replace fossil-fuel alternatives. So this partnership is an important step forward for Hive and the green energy sector to reduce the impact of climate change.
