MUSCAT : The funding round attracted strategic investors with a total value exceeding $140 million, according to what the company recently announced.

Through its foreign investments, the Authority seeks to localise innovative solutions to meet the needs of the local market.

The American company was founded in 2014 and is one of the leading and innovative companies in the field of biopolymers. It focuses on converting renewable natural resources into sustainable and environmentally friendly materials by manufacturing and developing technical solutions based on ‘chitosan’, a natural, non-toxic and biodegradable biopolymer extracted from the shells of crustaceans such as shrimp and crabs to develop many industries.

The company has successfully produced this polymer on a commercial scale using a waste-free extraction process, offering it at high quality and low cost compared to competitors. It also focuses on sustainability by recycling fisheries by-products, which contributes to reducing waste and promoting the circular economy.

Chitosan can be used to develop innovative solutions for many industries and challenges of pollution and climate emissions, especially in the water and agriculture sectors; it can be used in various applications such as: fabrics, fertilizers, and water treatment, as it is a natural alternative to traditional chemicals used in these industries such as aluminium sulphate, activated carbon, pesticides, plastic films, and others, in addition to its use in the oil and gas sector to treat highly saline water, especially since industrial processes in this field produce about 9 barrels of highly saline water for every barrel of oil; which poses a challenge that requires biological treatment and safe disposal. The material also represents an opportunity for agricultural companies to provide innovative solutions in the field of seed covering and biopesticides; which enhances sustainability in the agricultural sector.

It is noteworthy that the Authority invests through the Generations Portfolio in innovative and environmentally friendly global technologies and products, and seeks through its international investments to localize innovative solutions to meet the needs of the local market. The Authority is also keen to invest in economically promising companies to enhance the portfolio’s revenues, ensuring the achievement of sustainable returns that benefit current and future generations.

For all the latest news from Oman and GCC, follow us on Twitter, Instagram and LinkedIn, like us on Facebook and subscribe to our YouTube page, which is updated daily.