Whiskey-based ethanol maker Celtic Renewables gets new investment

In the UK, Celtic Renewables, the world’s first company to produce biofuel capable of powering cars from residues of the whisky industry, has received GBP500,000 in a new round of investment, taking its valuation to GBP10million.

The company has announced investment worth GBP250,000 from the Scottish Investment Bank. The investment arm of Scottish enterprise, with a further GBP250,000 equity stake acquired by an existing private investor. The cash boost was announced at a reception in Edinburgh by Professor Martin Tangney, the founder and President of Celtic Renewables and Paul Lewis, Managing Director of Operations at Scottish Enterprise.

It follows the unveiling earlier this month of the first samples of bio-butanol from the by-products of whisky fermentation using a process developed by Celtic Renewables scientists. The company, a pioneer in an industry it estimates could be worth GBP100 million to the UK economy, hopes to build its first demonstration facility at the Grangemouth petrochemical plant by 2018.