Celtic Renewables, which claims to be the world’s first company to produce biofuels capable of powering cars from whisky industry residues, has received approximately €700k in a new investment round. The Edinburgh-based company announced investment worth €350k from the Scottish Investment Bank, with a further €350k equity stake acquired by an existing private investor.
According to Prof. Martin Tangney, founder and president of Celtic Renewables, “This demonstration of faith by the Scottish Investment Bank and our private investor takes Celtic Renewables to a new level and bring our share value to €14M. 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.”
Celtic Renewables, in partnership with the Ghent-based Bio Base Europe Pilot Plant, produced earlier last month the first samples of biobutanol from the residues of whisky fermentation using a process called the acetone-butanol-ethanol (ABE) fermentation.
The company, a pioneer in an industry it estimates could be worth around €140M to the UK economy, hopes to build its first demonstration facility at the UK-based Grangemouth petrochemical plant by 2018.