LONDON, Dec. 11 -- The government of the United Kingdom issued the following news:

* Scottish biotech companyMiAlgaebackedwith up to£1.5millionto develop an innovativenew projecton theGrangemouthsite,using byproducts from whisky distillation * fundingfrom UK government willhelp to supportaround 310jobs over the next 5 years and helpcatalyse further investment into the site * Grangemouth Investment Taskforce is working toidentifymore projects tohelp secure Grangemouth's long-term industrial future

Grangemouthworkers and the communitywillbenefitfromjobs and investmentas the UK government backs anewbiotech project with up to£1.5milliongrant funding package.

Scottish companyMiAlgae makes fish-free Omega 3 out of algae by repurposing whisky byproducts, with Grangemouth's position in the Central Belt providing an ideal location to source by-products from Scotland's distilleries.

This environmentally friendly alternative to sourcing Omega 3 from fish oil is estimated to save 30 tonnes of fish for every tonne of algae produced.

The first investmentallocationfrom the Grangemouth Investment Taskforce will start creating new jobs on the site from next year,supporting around 310jobsover the next five years and delivering anadditional£53 million into the Scottish economy.

As a condition of the grant funding, eligible Grangemouth workers will be given priority during recruitment, including a job interview guarantee.

The funding aims tosupport the company's plansto construct its first commercial-scale manufacturing facility, accelerate production and support research and development. The grant funding will also help catalyse further investment into the site anddemonstrateits long-term potential.

UK governmentEnergy Minister Michael Shanks isexpected to visit the site today(Thursday 11 December)asMiAlgaebreaks ground on thenewfacility.

The funding forms part of the Chancellor's announcementat Budgetof £14.5 millioninfunding to help transform Grangemouth into a low-carbon tech hub and deliver the jobs of the future. The funding isin addition to £200 millionalreadypledged by the Prime Minister fromthe National Wealth FundtounlockGrangemouth'shuge potential.

Securing the first investment is a landmark moment as the Grangemouth Investment Taskforce works at pace to unlock more opportunities to bring a bright future to Grangemouth, witharound140enquiries already received. This includes working closely withseveral other projects,with further announcements expected inthe near future.

Energy Minister Michael Shanks said:

When we cameintoofficethere was no plan for Grangemouth.That'swhywe quicklytookactionto secure thesite's long-term future,while supporting affected workers into new jobs.

Today we're taking another step forward as we back the firstnewprojectat the site,creatinghundredsofnew,decentjobsandattractingfurther investmentin the area.

This project, alongside the£200millionof fundingpledged fromthe National Wealth Fund,is part of ourclear strategyfor Grangemouth's industrial future.A strategy withworkers, unions, businesses, andthe widercommunityat its heart.

Douglas Martin, Founder and CEO of MiAlgae, said:

Breaking ground at Grangemouth marks an exciting new chapter for MiAlgae. Our mission has always been to make a meaningful impact, tackling overfishing, reducing waste, and creating sustainable value from industrial by-products. This new facility is a huge step towards delivering that mission at scale, bringing new, high-quality green jobs to the local area, and helping Scotland lead the way in this exciting new biotech industry.

Scottish Secretary Douglas Alexander said:

This £1.5 million UK government investment will support MiAlgae's innovative green technology and boost jobs and investment in Grangemouth.

The UK government is backing Grangemouth's future with real investment and a clear plan. We promised to secure the site's long-term future and create good jobs, and that's exactly what we're doing - supporting new industries, creating opportunities, and ensuring this site remains a vital part of Scotland's industrial heartland for generations to come.

It is just one of many projects we are working to bring to the site. At the Budget the Chancellor announced £14.5 million for green industrial projects on the site.

Meanwhile, the UK and Scottish governments'  training guarantee, is continuing to support Grangemouth workers into new high-skilled jobs - already296workers have received one-to-support and269 are currentlytaking part inor have completed training.

The UK and Scottish governmentsalsosignedthe £100 million Falkirk and Grangemouth Growth Deal in November 2024, to support the community by investing in local projects to create new opportunities for growth.

Notes to editors

The project will create around 130 direct full-time jobs at Grangemouth over the next 5 years, alongside supporting an additional 180 roles across Scotland.

Disclaimer: Curated by HT Syndication.