The company, which owns its motto “Using waste to eliminate waste naturally”, has the aim of reducing carbon emissions, plastic pollution, and food waste, whilst contributing to the circular economy.

With R&D labs located in Oban, CuanTec is supported by InvestFife in leasing premises at the Food Centre, in Southfield, Glenrothes, which it will use as its new separation plant.

These facilities utilise shellfish waste that would otherwise be incinerated to extract chitin, a naturally occurring biopolymer, with a wide range of applications in the pharmaceutical, cosmetics and food industries. CuanTec’s first products include strong, transparent, and flexible bio-based films to replace single-use plastics.

About 20 new ‘green’ jobs are being created through CuanTec’s arrival in Fife - with the business continuing to engage with multiple teams across Economic Development including Business Property, Inward Investment and Business Gateway Fife. CuanTec has also been successful in its submission for the Net Zero Transition Fund.

Additionally, it has also received assistance from Scottish Enterprise’s Green Jobs Fund and is actively working with Skills Development Scotland, showcasing the Team Scotland approach to support inward investment.

Craig Sterling, CEO of CuanTec, said: “We are delighted to be in Glenrothes and see Fife as our future long-term manufacturing base from which every stream of the process can be managed. Thank you to Fife Council Economic Development who have given us invaluable help and support.

“We highly recommend their team who are driven to bring green jobs to Fife along with the expertise of Economic Development, Business Gateway Fife, and their many teams who will provide more useful engagement for us as we recruit locally as a green employer in Fife.”

Mr. Sterling added: “I would also like to thank Scottish Enterprise and their significant support for CuanTec.”

Councillor Altany Craik, Fife Council spokesperson – finance, economy & strategic planning, said: “CuanTec’s arrival is fantastic news for Fife. We very much welcome the creation of green employment opportunities from a vibrant sustainable biotech business which has a product with the potential to change the way the world looks at packaging.

“CuanTec tick all the boxes for us in terms of innovation and support of the circular economy. They are to be commended for creating a truly exciting business with global ambition.”

Kerry Sharp, director of entrepreneurship and investment at Scottish Enterprise, said: “CuanTec is an exciting biotech firm that has the potential to make a significant contribution to Scotland’s circular economy.

“The company’s innovative approach to reusing shellfish waste in the packaging industry can reduce plastic pollution and cut CO2 pollutions, while creating good, green manufacturing jobs in the process.

“Scottish Enterprise has been pleased to support CuanTec’s development through investment and our Green Jobs Call, which aims to aid Scotland’s transition to a greener and fairer economy. We look forward to continuing our partnership with CuanTec to support the company’s growth ambitions.”