CuanTec
CuanTec Ltd is a British bio-science company producing Chitosan from natural, sustainable sources such as crustacean shell.
It is committed to the highest quality production and traceability standards to meet the exacting standards and specific needs of its customers.
CuanTec has been perfecting the process to successfully extract Chitin, the naturally-occurring structural biopolymer contained in crustacean shell, and to then convert into Chitosan. It will be sold as an ambient storable dry powder to customers across industries and applications such as biomedical devices, dental, veterinary, agriculture, water purification, cosmetics and university research as a valuable ingredient with unique properties.
CuanTec is targeting a rapidly growing global market for Chitosan, with various estimates around 23% per annum and worth about $12 billion in 2023. While the market is largest in South East Asia, the most rapid growth is expected to occur in the USA and Europe in the next 10 years.
In early 2022, Hive acquired majority shares in CuanTec.
CuanTec is one of our Hive Ventures 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.
CuanTec has now begun production of high-quality, and highly traceable chitin, working in partnership with Hive but also closely alongside their other partners and investors, including the University of Strathclyde and Scottish Enterprise. Their plans for the future include scaling globally to utilise more of the vast amounts of shellfish and crustacean waste produced, as well as continuing to make use of their scientific expertise for product development activities.
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