Government awards £1.5m grant for Grangemouth biotech project

(Sharecast News) - The UK government has provided a £1.5m grant to a British biotech to develop a new site in Grangemouth, it was confirmed on Thursday. Scottish firm MiAlgae - which produces fish-free Omega 3 out of algae, by repurposing whisky by-products - will use the grant to help build its first commercial-scale manufacturing facility.

The project will eventually support around 130 full-time jobs at the site over the next five years, with a further 180 roles supported across Scotland.

The Department for Energy Security and Net Zero said it would deliver an additional £53m into the Scottish economy.

Scotland's only oil refinery stopped processing crude at Grangemouth in April, after a century of operations. Around 400 jobs were lost.

However, the government's Grangemouth Investment Taskforce is now looking to redevelop the central Scotland site.

The chancellor allocated £14.5m in last month's Budget to help transform it into a low carbon tech hub, in addition to a previous £200m pledge.

Under the terms of MiAlgae's £1.5m grant, eligible Grangemouth workers will be given priority during recruitment, including a guaranteed job interview.

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 works into new jobs.

"Today we're taking another step forward as we back the first new project at the site."

Douglas Martin, MiAlgae founder and chief executive, said breaking ground at the site marked an "exciting new chapter" for the business.