- Scottish biotech company MiAlgae backed with up to £1.5 million to develop an innovative new project on the Grangemouth site, using byproducts from whisky distillation
- funding from UK government will help to support around 310 jobs over the next 5 years and help catalyse further investment into the site
- Grangemouth Investment Taskforce is working to identify more projects to help secure Grangemouth’s long-term industrial future
Grangemouth workers and the community will benefit from jobs and investment as the UK government backs a new biotech project with up to £1.5 million grant funding package.
Scottish company MiAlgae makes fish-free Omega 3 out of algae by repurposing whisky byproducts, with Grangemouth’s position in the Central Belt providing an ideal location to source by-products from Scotland’s distilleries.
This environmentally friendly alternative to sourcing Omega 3 from fish oil is estimated to save 30 tonnes of fish for every tonne of algae produced.
The first investment allocation from the Grangemouth Investment Taskforce will start creating new jobs on the site from next year, supporting around 310 jobs over the next five years and delivering an additional £53 million into the Scottish economy.
As a condition of the grant funding, eligible Grangemouth workers will be given priority during recruitment, including a job interview guarantee.
The funding aims to support the company’s plans to construct its first commercial-scale manufacturing facility, accelerate production and support research and development. The grant funding will also help catalyse further investment into the site and demonstrate its long-term potential.
UK government Energy Minister Michael Shanks is expected to visit the site today (Thursday 11 December) as MiAlgae breaks ground on the new facility.
The funding forms part of the Chancellor’s announcement at Budget of £14.5 million in funding to help transform Grangemouth into a low-carbon tech hub and deliver the jobs of the future. The funding is in addition to £200 million already pledged by the Prime Minister from the National Wealth Fund to unlock Grangemouth’s huge potential.
Securing the first investment is a landmark moment as the Grangemouth Investment Taskforce works at pace to unlock more opportunities to bring a bright future to Grangemouth, with around 140 enquiries already received. This includes working closely with several other projects, with further announcements expected in the near future.
Energy Minister Michael Shanks said
When we came into office there was no plan for Grangemouth. That’s why we quickly took action to secure the site’s long-term future, while supporting affected workers into new jobs.
Today we’re taking another step forward as we back the first new project at the site, creating hundreds of new, decent jobs and attracting further investment in the area.
This project, alongside the £200 million of funding pledged from the National Wealth Fund, is part of our clear strategy for Grangemouth’s industrial future. A strategy with workers, unions, businesses, and the wider community at its heart.
Douglas Martin, Founder and CEO of MiAlgae, said
Breaking ground at Grangemouth marks an exciting new chapter for MiAlgae. Our mission has always been to make a meaningful impact, tackling overfishing, reducing waste, and creating sustainable value from industrial by-products. This new facility is a huge step towards delivering that mission at scale, bringing new, high-quality green jobs to the local area, and helping Scotland lead the way in this exciting new biotech industry.
Scottish Secretary Douglas Alexander said
This £1.5 million UK government investment will support MiAlgae’s innovative green technology and boost jobs and investment in Grangemouth.
The UK government is backing Grangemouth’s future with real investment and a clear plan. We promised to secure the site’s long-term future and create good jobs, and that’s exactly what we’re doing – supporting new industries, creating opportunities, and ensuring this site remains a vital part of Scotland’s industrial heartland for generations to come.
It is just one of many projects we are working to bring to the site. At the Budget the Chancellor announced £14.5 million for green industrial projects on the site.
Meanwhile, the UK and Scottish governments’ training guarantee, is continuing to support Grangemouth workers into new high-skilled jobs – already 296 workers have received one-to-support and 269 are currently taking part in or have completed training.
The UK and Scottish governments also signed the £100 million Falkirk and Grangemouth Growth Deal in November 2024, to support the community by investing in local projects to create new opportunities for growth.
Notes to editors
The project will create around 130 direct full-time jobs at Grangemouth over the next 5 years, alongside supporting an additional 180 roles across Scotland.