Biotech company MiAlgae will create an initial 100 jobs at a production facility in Grangemouth to help retrain workers transitioning from the oil and gas industry.
MiAlgae has been involved in the cross-party Project Willow talks to repurpose the soon-to-close oil refinery and says it is at “exactly the right stage of growth to contribute to the success” of the transition strategy.
The company turns whisky industry by-products into produce for the aquaculture pet foods sectors. It is exploring new markets including meat alternatives, nutraceuticals and livestock feed, which have significant global demand.
The site of the planned unit is ideally situated near distilleries and MiAlgae’s customers in the Central Belt and the new facility.
Douglas Martin, founder and managing director, said: “Grangemouth has incredible potential for us as we look to the next stage of our growth.
“We are confident that this new facility will help build a greener future and bring high-quality, sustainable jobs to the local community.
“The area has a rich industrial history, and we’re proud to contribute to its evolution. We’re also proud to be involved in Project Willow, which encourages green industries to establish themselves in Grangemouth, contributing to the area’s transformation into a hub for green technologies.
“MiAlgae is at exactly the right stage of growth to contribute to the success of Project Willow. We are proven at scale, there is market demand for our product and we’re championing biotechnology in Scotland.
“We’re looking forward to working closely with local stakeholders and the Scottish Government to make this vision a reality.”
The proposed investment will be welcomed by the Labour party which is being urged by the SNP to nationalise the refinery.
Labour says its situation differs from British Steel, which is facing the same prospect, as there is other refining capacity in the UK and the market for oil is declining while steel is in demand for wind turbines, pylons and vehicle manufacture.
Labour is supporting private investment into Grangemouth with £200 million from the National Investment Fund, though it was not clear if this will be used to back MiAlgae’s plans.
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