Innovative omega-3 producer shortlisted for £1m Earthshot Prize

Scotland-based biotechnology company MiAlgae, which makes omega-3 from microalgae fed on by-products from whisky distilleries, has been named as a finalist in the 2024 Earthshot Prize.

Launched by Prince William in 2020 and backed by multinational companies and philanthropic foundations, the Earthshot Prize aims to inspire and accelerate solutions to repair the planet by 2030.

Inspired by US President John F Kennedy’s “Moonshot” challenge in 1962 to land a man on the moon within a decade, the Earthshot Prize was launched by the prince in 2020 to search for and scale the most innovative solutions to the world’s greatest environmental challenges.

MiAlgae’s aim is to reduce dependence on omega-3 from fish oil made from forage fish and used, among other things, in farmed fish feed and pet food. Its closed-loop system has the added advantage of taking a waste product and returning clean water to the environment.

15 from 2,400

The company is one of just 15 finalists from over 2,400 global nominations and is in contention to win one of five £1 million prizes. It has been selected in the Revive Our Oceans category, one of five Earthshot categories. The others are: Protect and Restore Nature; Clean Our Air; Build a Waste-FreeWorld; Fix Our Climate.

The winner of the 2023 Revive Our Oceans category was global non-profit organisation WildAid Marine Program, which scales marine enforcement to end illegal fishing and strengthen ocean conservation.

“It is an incredible honour to be selected as a finalist for the Earthshot Prize,” MiAlgae founder and chief executive Douglas Martin said in a press release.

“As WildAid Marine Program said, ‘conservation is a team sport,’ and I feel privileged to be recognised for the work we are doing as part of this global effort.

“Our fish-free, circular omega-3 solution not only benefits the oceans but also meets the growing demand for sustainable alternatives in key industries. By going directly to the source – the algae – we can protect fish stocks while offering an environmentally friendly, cost-effective product. The Earthshot Prize provides a unique platform to accelerate MiAlgae’s impact, and we hope to inspire others to take bold, innovative steps that protect our oceans.”

Winners of the Earthshot prizes will be announced in Cape Town, South Africa, in November.

£14m expansion

News of MiAlgae’s selection for the shortlist follows an announcement last week that the company has raised £14 million to accelerate its operations and scale up after it successfully achieved commercial-level production at its demonstrator site at Balfron, Stirlingshire.

The company now plans to develop an industrial scale production facility at an as-yet-unspecified location in Scotland's Central Belt, strategically close to MiAlgae’s feedstock supply, customer base, and headquarters.

The first phase of the facility - around one-third of the total site - will be completed by 2025, with full production expected by 2027. Once fully operational, the facility will have the capacity to produce 3,000 tonnes of marine omega-3 annually.

Ali Morrow, a partner at Clay Capital which took part in the funding round, said: “MiAlgae stands out by combining technology and market demand to address the growing need for fish oil alternatives. As fish stocks decline and prices rise, MiAlgae’s approach is poised for global impact, and we’re excited to see it unfold.”