HIVE Energy Ltd has secured a majority share in a University of Strathclyde start-up which converts shellfish industry waste into chitin-based packaging.
CuanTec developed a new process of extracting biopolymer chitosan from the discarded shellfish waste of fisheries for use in the eco-friendly products – which include biodegradable, recyclable and anti-microbial packaging to replace single-use plastics.
The university said that not only does the process benefit packaging, but it also ensures shellfish waste isn’t sent to landfill or incinerated – which results in ‘tonnes’ of CO2 being put into the environment.
Professor Sir Jim McDonald, vice-chancellor and principal at the University of Strathclyde, commented, “Through the Strathclyde inspire programme, the university supports and encourages entrepreneurship for all, empowering our staff, students and alumni to transform the lives of others in society. To enable our mission of delivering a global impact, we directly invest in companies – helping them in their growth journey through multiple investment funds from start-up to scale-up stages.”
Craig Sterling, CEO and director of CuanTec, added, “The University of Strathclyde has been extremely important in helping get CuanTec to this point in its development. Strathclyde’s belief in our team and our technology through their direct investment and ongoing support have been fantastic tools to really help move us forward.
“They have a great team who have always made themselves available whenever we have needed their assistance.”
Hive Energy CEO, Giles Redpath, said, “I’d like to thank the initial investors who had the vision to see the potential for CuanTec. I look forward now to working with the team to help take the business to the next stage.”
