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Chemicals firm MiAlgae today broke ground on a new facility that marks the first confirmed investment in Grangemouth under the task force formed after the closure of the oil refinery.<\/p>\n
MiAlgae, which announced its planned investment in April, produces fish-free Omega-3 from whisky byproducts and is seen as a key step in creating a new biotech cluster in the area.<\/p>\n
It is expected to create 310 roles over five years, backed by a \u00a33m package of support split equally between the UK and Scottish governments.<\/p>\n
The UK funding forms part of the Chancellor\u2019s Budget\u00a0announcement of \u00a314.5 million to help transform Grangemouth into a low-carbon tech hub and deliver the jobs of the future. It is\u00a0additional to \u00a3200m pledged last year by the Prime Minister from\u00a0the National Wealth Fund to underpin other potential private investment. None of that money has yet been deployed.<\/p>\n
The Department for Energy Security and Net Zero today said around\u00a0140\u00a0enquiries had been received, and further announcements are expected in\u00a0the near future.\u00a0\u00a0<\/p>\n
UK Energy Minister Michael Shanks said: \u201cWhen we came\u00a0into\u00a0office\u00a0there was no plan for Grangemouth. That\u2019s\u00a0why\u00a0we quickly\u00a0took\u00a0action\u00a0to secure the\u00a0site\u2019s long-term future,\u00a0while supporting affected workers into new jobs.\u00a0\u00a0<\/p>\n
\u201cToday we\u2019re taking another step forward as we back the first\u00a0new\u00a0project\u00a0at the site, creating hundreds of new,\u00a0decent\u00a0jobs\u00a0and\u00a0attracting\u00a0further investment\u00a0in the area.\u201d<\/p>\n
Scottish Secretary Douglas Alexander added: \u201cThe UK Government is backing Grangemouth\u2019s future with real investment and a clear plan. <\/p>\n \u201cWe promised to secure the site\u2019s long-term future and create good jobs, and that\u2019s exactly what we\u2019re doing \u2013 supporting new industries, creating opportunities, and ensuring this site remains a vital part of Scotland\u2019s industrial heartland for generations to come.<\/p>\n \u201cIt is just one of many projects we are working to bring to the site.\u201d<\/p>\n The announcements come ahead of a statement to the Scottish Parliament by Energy Secretary Gillian Martin on progressing a just transition at Grangemouth.<\/p>\n Ms Martin said: \u201cThe Scottish Government will continue to do all that it can to support and promote local opportunities, jobs and growth in the Grangemouth area.<\/p>\n She said the jobs being created \u201cdemonstrate that a long term, new industrial future at Grangemouth is achievable.<\/p>\n \u201cThis funding is only the start of the Scottish Government\u2019s support to help safeguard Grangemouth\u2019s role as a leading industrial cluster, and ensure the site continues to support our economy through new, green investment opportunities.\u201d<\/p>\n MiAlgae last year raised \u00a314m\u00a0from a funding round that included Equity Gap, Old College Capital and Scottish Enterprise.<\/p>\n Douglas Martin, who set up the company in 2016, said the ground-breaking on a new plant at Grangemouth \u201cmarks 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.<\/p>\n \u201cThis 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.\u201d\u00a0<\/p>\n An additional 149 roles will be created in Grangemouth at Celtic Renewables, following the allocation of \u00a36.23m from the Scottish government to support a new bio-refinery manufacturing \u2018green\u2019 chemicals, announced last month.<\/p>\n Waste from the food, drink and farming sector is converted into acetone, butanol and ethanol \u2013 chemicals found in everyday items such as nail varnish remover and cleaning products.<\/p>\n The technology was identified by Project Willow as one of the viable alternative pathways which could successfully be deployed within the Grangemouth industrial cluster.<\/p>\n A further \u00a3600,000 will be awarded to Scottish Enterprise to support key planning and infrastructure activity at the site to ensure the area is a more attractive and shovel ready location for new investment.<\/p>\n \t <\/div>\n![\"Douglas-Alexander-new\"](\"https:\/\/dailybusinessgroup.co.uk\/wp-content\/uploads\/2024\/07\/Douglas-Alexander-new.png\")
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