Scottish biotech company MiAlgae has secured a £2.5m investment from the Scottish National Investment Bank to support the company’s commercial-scale production facility in Grangemouth.
MiAlgae produces an Omega-3 powder using by-products from the whisky distilling process. Its plant-based product provides an alternative source of Omega-3, which is traditionally derived from wild-caught fish. Omega-3 is an ingredient in the aquaculture feed and pet nutrition markets due to properties that promote healthy skin and coats, cognitive function and joint health.
MiAlgae’s Omega-3 powder is sustainable, fully traceable and supports Scotland’s circular economy while reducing reliance on wild-caught fish. The company’s pioneering approach gained international recognition in 2024 when it was shortlisted for The Earthshot Prize under the ‘Revive our Oceans’ category, in recognition of its scale-up potential and ecological impact.
The bank’s investment will help the company scale its commercial production and bring new employment opportunities in Grangemouth. MiAlgae is forecasting to grow its workforce from 60 to approximately 156 people by the end of 2028.
Founder and CEO Douglas Martin set up MiAlgae in 2016 while studying synthetic biology and biotechnology at the University of Edinburgh. The university has remained a backer of MiAlgae’s technological innovation.
“This investment brings us closer to achieving our mission of protecting our oceans while meeting growing global demand for sustainable nutrition. By transforming whisky industry by-products into high-value Omega-3 ingredients, we are reducing pressure on marine ecosystems, preventing waste and creating a truly circular solution.
“The new facility represents a major milestone for MiAlgae and will enable us to scale our impact significantly in the years ahead, while playing a part in the regeneration of Grangemouth as a sustainable industrial hub. We’re excited to have the Scottish National Investment Bank on Team MiAlgae.”
Jane Reoch, executive director of innovation at the Scottish National Investment Bank, said: “MiAlgae is one of Scotland’s most promising biotech companies. It has stellar innovation credentials and true scale-up potential, all while reducing any negative impact on our oceans and contributing to our circular economy.
“This investment ticks all three of our impact missions: innovation, net zero, and our place mission which aims to support thriving communities. MiAlgae’s growing presence and creation of high-quality jobs at Grangemouth contributes to the area’s industrial economy.”
The Scottish National Investment Bank invests in Scottish projects and businesses with the aim of securing both commercial returns and societal benefits aligned to one of its three missions: net zero, innovation, and place.
MiAlgae is headquartered in Edinburgh.