Following the allocation of £1.5m of Scottish Government’s Grangemouth Just Transition Funding to Scottish biotech company MiAlgae, up to 310 jobs are expected to be created over the next five years.

The company is developing fish-free omega-3 out of algae by repurposing whisky byproducts, saving an estimated 30 tonnes of fish for every tonne of algae produced and reducing the impact of over-fishing on fish stocks.

The funding will be match funded by the UK government, following calls from the Scottish Government, and will be administered by Scottish Enterprise. It is also expected to deliver an additional £53m into the Scottish economy over the same period.

Meanwhile, up to 149 roles will be created in Grangemouth at Celtic Renewables, by 2030 following the allocation of £6.23m to support pre-construction work for a new bio-refinery at Grangemouth to support the manufacture of ‘green’ chemicals. This is where waste from the food, drink and farming sector is converted into acetone, butanol and ethanol – chemicals found in everyday items such as nail varnish remover and cleaning products.

The technology was identified by Project Willow as one of the viable alternative pathways which could successfully be deployed within the Grangemouth industrial cluster.

A further £0.6m will be awarded to Scottish Enterprise to support key planning and infrastructure activity at the site to ensure the area is a more attractive and shovel ready location for new investment.

All three projects are being supported through the Grangemouth Just Transition Fund and are designed to encourage further investment in the site by demonstrating its long-term potential as a leader in green energy and sustainable manufacturing, and support initiatives that increase the prosperity of those who live and work there.

An additional £150,000 will be awarded to CVS Falkirk over the next three years through the Falkirk and Grangemouth Growth Deal for the continuation of one role to help ensure community voices are present as part of the delivery of the Grangemouth Just Transition Plan.

The announcements come ahead of a statement to Parliament by Energy Secretary Gillian Martin on progressing a just transition at Grangemouth.

Ms Martin said: “The Scottish Government will continue to do all that it can to support and promote local opportunities, jobs and growth, in the Grangemouth area.

“Today’s announcement will help to support the creation of up to 460 roles directly and across the supply chain in Scotland, and help to highlight the wide range of viable alternatives for Grangemouth. They demonstrate that a long term, new industrial future at Grangemouth is achievable, and will be vital to support the local workforce and community.

“This funding is only the start of the Scottish Government’s support to help safeguard Grangemouth’s role as a leading industrial cluster, and ensure the site continues to support our economy through new, green investment opportunities.”

Jan Robertson, director of Grangemouth transition at Scottish Enterprise, said: “It’s wonderful to see this support going to two companies we’ve worked with intensively since their inceptions.

“Seeing MiAlgae break ground on its first commercial-scale plant, as well as announcing the latest stage in Celtic Renewables’ growth journey, are causes to celebrate. Grangemouth is the perfect location for innovative Scottish scale-ups to grow, creating high-quality jobs and supply chain opportunities for the whole community.

“We also welcome the additional £0.6m Scottish Government funding to accelerate our important infrastructure improvement work at Grangemouth, which will unlock further investment at the cluster and support the creation of new jobs.”