Edinburgh-based biotechnology company, MiAlgae, have been named as finalists for the 2024 Earthshot Prize.
Edinburgh-based biotechnology company, MiAlgae, have been named as finalists for the 2024 Earthshot Prize.
The startup, which began at the University of Edinburgh in 2016, grows nutrient-rich algae from whisky waste to provide an alternative source of Omega-3. The project addresses the growing demand for Omega-3, which is traditionally sourced from species like sardines and anchovies, and contributes to overfishing.
Waste is currently sourced from the Scotch whisky industry and used as feedstock to grow microalgae in specially designed fermenting vessels. The organisms in the waste boost the supply of Omega-3 in the algae, allowing the company to offer an alternative source to the wild fishing market.
Located near to multiple sources of waste distillery water, MiAlgae use renewable energy where possible to power two 30,000 litre fermenters.
It produces one tonne of algae each week, which is dried and the powder used to feed farmed fish or made into pet food. This amount of algae creates as much Omega-3 as 620,000 fish and saves nearly 40,000 kg of CO2 through reducing fishing to produce fishmeal.
In a year, the process also recycles enough wastewater from distilleries to fill nearly 300 Olympic-sized swimming pools.
The Earthshot prize, which is presided over by the Prince of Wales, awards five of the finalists with a £1 million grant to continue their work. All finalists will be entered into the Earthshot Fellowship programme, which provides a year of support with developing new financial, networking, and partnership opportunities.
The prize looks globally for solutions that will repair the planet, awarding leaders in five key areas including: protecting and restoring nature, cleaning our air, reviving our oceans, building a waste-free world, and fixing the carbon crisis.
Douglas Martin, Managing Director at MiAlgae, commented: “It’s an incredible honour to have been selected as an Earthshot prize finalist. We’re truly grateful for the support we’ve had from the University of Edinburgh, in particular Old College Capital, over the years. Conservation is a team sport and we’re proud to have the University on our side.”
Professor Christina Boswell, Vice-Principal Research and Enterprise at the University of Edinburgh, added: “Innovation means enabling cutting-edge research to meet the world’s biggest challenges, and here we see MiAlgae providing a sustainable solution to overfishing and ocean health. It’s wonderful to see global recognition for their work, and testament to the University of Edinburgh’s position as first in the world for industry, innovation and infrastructure.”
This award comes as the next step in MiAlgae’s growth. The company was initially backed by Old College Capital, the University of Edinburgh’s in-house venture investment fund. In 2022, the biotechnology startup was awarded £2.3 million in private investment from a number of investors such as Equity Gap, Old College Capital, Scottish Enterprise, the Conduit Impact Fund, SIS Ventures, and Zero Waste Scotland.
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