Biofuel made from whisky receives all important funding

THE WORLD’S FIRST company to produce biofuel from whisky, Celtic Renewables, has received funding support from the Scottish Investment Bank.

Foodservice Footprint F32-Cover-image1 Biofuel made from whisky receives all important funding Foodservice News and Information Grocery sector news updates Out of Home sector news  Scottish Investment Bank Professor Tangney Fergus Ewing Celtic Renewables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Celtic Renewables has received an investment of £250,000 from the Scottish Investment Bank and a further £250,000 equity stake acquired by an existing private sector, taking its valuation up to £10 million.

 

Celtic Renewables aims to use the residue from millions of tonnes of whisky production as a raw material to create bio-butanol, an advanced biofuel, which is a direct replacement for petrol. Earlier this month, the company developed the first samples of bio-butanol from the by-products of whisky fermentation.

 

It is estimated that the pioneering process could be worth £100 million to the UK economy and Celtic Renewables aims to build its first demonstration facility at the Grangemouth petrochemical plant, by 2018.

 

Professor Tangney, Celtic Renewables, commented: “This demonstration of faith by the Scottish Investment Bank and our private investor takes Celtic Renewables to a new level and brings our share value to £10million. 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 Celtic Renewables, a company who are producing such an exciting and innovative product.

 

“This helps ensure a future where we see less emissions from fossil fuel driven cars and instead have reduced emissions from vehicles powered from the by-products of Scotland’s world-renowned and successful whisky industry.”

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