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