A Scottish company which makes biofuels from ‘whisky production residues’ has announced plans to build a new ‘commercial demonstrator plant’ in the country.
Celtic Renewables, which made history earlier this year by powering a car in Scotland using its biofuel, has attracted 50% of the £5.25 million sum it wants to raise for the Grangemouth facility, via a funding platform managed by Abundance Investment.
“We champion renewable projects across the UK and Celtic Renewables absolutely fits this remit. The new demonstrator plant is an exciting step forward for biotechnology innovation for the UK. It is a win win for our investors seeking to diversify their investments in the transition to a clean growth economy,” said Bruce Davis, Abundance Cofounder & Managing Director, in a news statement on Celtic Renewables website.
Construction of the new plant, which is expected to employ 25 people locally, will commence early next year.
Mark Simmers, CEO of Celtic Renewables, which works closely with Tullibardine Distillery, added: “This is a huge step forward for Celtic Renewables as this demonstration plant will enable the roll out of the technology at full industrial scale across Scotland and internationally. Grangemouth is the perfect location for the plant, where we can benefit from the synergies of locating within the national petrochemical hub and work with a range of complementary partners with the full support of local and national Government agencies.”