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Hive Energy is excited to announce its partnership with CuanTec Ltd., a Scottish circular economy business. CuanTec will convert shellfish waste into chitin, a naturally occurring, 100% compostable biopolymer with a wide range of applications in the pharmaceutical, cosmetics and food industries.
Today, shellfish waste creates environmental damage; it is either sent to landfill or incinerated, emitting tonnes of damaging CO2 into the environment. The CuanTec proprietary technologies use a novel, scientifically proven method to process this waste stream in an environmentally friendly way, producing valuable, high-quality chitin, with no CO2 emissions, using 66% less electricity compared to traditional chitin extraction processes. Additionally, CuanTec will contribute to the circular economy through the production of chitin-based bioplastics that are biodegradable, have naturally antimicrobial properties and can replace fossil-fuel plastic packaging.
CuanTec has a well-developed plan to produce chitin by Q3 2022, with strategic goals to expand in the U.K. and globally starting in 2023. Hive Energy is looking forward to supporting CuanTec in their growth moving forward, working closely alongside CuanTec’s existing partners, investors, University of Strathclyde and Scottish Enterprise, as well as Hive’s growing international network based on its renewable energy business.
Giles Redpath, CEO of Hive Energy, said: “CuanTec is a great business and the partnership and acquisition, led by Craig, has been fantastic. This is our next circular economy partnership, after our DBG Bioenergy business in the Netherlands, where we can make a measurable and meaningful carbon-negative difference. We take an existing environmental waste stream that is currently being inefficiently disposed of, and so causing environmental and climate damage; and we process it using clever, unique and proven technology into green products, which replace fossil-based alternatives for expanding markets. This partnership is a vital step forward for Hive and the green energy sector to mitigate the impact of climate change.“
Craig Sterling, CEO of CuanTec, said: “Hive Energy is a fantastic strategic partner for CuanTec, who mutually shares in our vision for cleaner businesses and who understand the real need to protect our environment and the planet we call home. Giles has a fantastic mission for Hive Energy, and it is wonderful that they see CuanTec as a true complement to their vision. A strategic partnership and investment from Hive provides the means to accelerate our development and plans for global expansion. I am very excited for the opportunities that this strategic investment and partnership brings for our team!”