Whisky waste biotech firm MiAlgae secures £14m

Hello and welcome to our daily digest of business, financial and economic news from around Scotland.

1. A biotechnology firm which uses waste whisky materials has raised £14 million of funding to expand.

MiAlgae takes by-products from whisky distillation to grow a microalgae which is a source of omega-3. A demonstrator site was opened last year and has been successfully creating products which the company believes can offer an alternative to existing fish oils.

Now MiAlgae, founded in 2016, will use the investment to build a larger-scale manufacturing plant to cater for demand in the aquaculture, pet food and human health sectors.

Douglas Martin, the chief executive, said: “The success of our demonstrator site has validated our technology at scale, attracting serious international support. With this backing, we’re focused on building the infrastructure needed to meet the growing global demand for sustainable omega-3s whilst continuing to advance innovation in biotechnology.”

New backers include SWEN Blue Ocean, Clay Capital and Rabo Ventures. Other investors include Equity Gap, Old College Capital, Social Investment Scotland Ventures, Ananke Ventures, Ascension Ventures and Scottish Enterprise.

2. STV’s production arm is to make a new cookery show with the restaurateur Nisha Katona.

Nisha Katona’s Home Kitchen will feature the chef cooking up creations in her Wirral kitchen

There will be an initial run of ten episodes of Nisha Katona’s Home Kitchen which will be shown on ITV and STV. Katona, the founder of the Mowgli restaurants, will prepare recipes in her own home near the Wirral using local ingredients and items from her garden.

STV Studios said the show should be on air in spring next year.

3. A former home of the tea magnate Sir Thomas Lipton is to be sold at auction later this month.

The Dunoon residence was most recently a hotel

The ten-bedroom Victorian property in Dunoon had most recently been used as the Hunters Quay Hotel. It closed in 2020 during the coronavirus pandemic but never re-opened.

SDL Property Auctions has a guide price of £430,000 for the building and land. Glasgow-born Lipton came from humble beginnings but established his eponymous tea brand around the world.

4. A non-profit organisation aiming to increase diversity in the low-carbon energy sector has been launched in Scotland.

Anas Sarwar attended an event for the IntoNetZero initiative

IntoNetZero was backed by Anas Sarwar, the Scottish Labour leader, who attended an event at the Barclays Eagle Lab in Glasgow. The organisation intends to support people from around the UK through building awareness of career paths and giving advice to entrepreneurs.

Beena Sharma, the co-founder, said: “IntoNetZero is an essential movement to ensure that all young people, particularly those from underrepresented backgrounds, have a clear entry point into the new energy economy.”

5. A five-star hotel has hired a new executive head chef from the Three Chimneys restaurant on the Isle of Skye.

Scott Davies makes his debut at the Perthshire restaurant, where he will focus on sustainable cooking

DAVID BROWN

Scott Davies joins the Old Manse of Blair in Perthshire after nine years on Skye. Davies has also worked at Glenapp Castle in Ayrshire and in Melbourne, Australia.

He said “sustainability” is central to his cooking and added: “We have an incredible natural larder on our doorstep. Why fly something in from across the world when locally grown, wonky-looking fruit and vegetables are bursting with flavour and nutrients?

“Living off the land and foraging in our local area brings immense rewards that are reflected in our menus and lifestyle.”