Celtic Renewables (
www.celtic-renewables.com), which claims to be the world’s first company to produce bio-fuel that is capable of powering vehicles from residues of the whisky industry, has received £500,000 of investment. The company has been given £250,000 by the Scottish Investment Bank, and a £250,000 equity stake has been acquired by a private investor.
The investment was announced (at a reception in Edinburgh) by Professor Martin Tangney — the founder and president of Celtic Renewables — and Paul Lewis, who is managing director of operations at Scottish Enterprise. The news follows the unveiling last month of the first samples of bio-butanol made from the by-products of whisky fermentation (using a process developed by Celtic Renewables scientists). The company hopes to build its first demonstration facility at the Grangemouth petrochemical plant by 2018.
Welcoming the investment, Professor Tangney said: “This demonstration of faith by the Scottish Investment Bank and our private investor takes Celtic Renewables to a new level. We have successfully taken a defunct technology and adapted it to current market conditions, attracting the investment and partners required to scale up to industrial production and prove that this works at scale.”
Scottish Energy Minister Fergus Ewing said: “I am pleased that the Scottish Investment Bank has given support to a company that is producing such an exciting and innovative product. This helps to ensure a future where we see reduced emissions from fossil-fuel-driven cars and see vehicles powered from the by-products of Scotland’s world-renowned whisky industry.”
Mr Lewis said: “Scotland is really ‘punching above its weight’ when it comes to bio-fuels, and the growth of companies such as Celtic Renewables has a key part to play in the sector’s development. The Scottish Executive recently launched a National Plan for Industrial Biotechnology.”