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The business will convert shellfish waste into chitin. Chitin is a natural, 100% compostable biopolymer.
CuanTec already has an expert team in place and will be adding new staff as they scale up to industrial production.
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.