Simon Durrant, new Chief Financial Officer of MiAlgae.
Photo: MiAlgae.
Biotechnology company MiAlgae has announced it has appointed Simon Durrant as its new Chief Financial Officer (CFO), as it prepares to enter a major phase of growth.
Based in Edinburgh, Scotland, MiAlgae produces Omega-3 oils for aquaculture feed, pet food and other products by cultivating microalgae using by-products from the whisky distillation process - which the company describes as "a scalable, sustainable alternative to fish-derived Omega-3s".
The biotech firm is now preparing to launch an industrial-scale facility in Grangemouth, Scotland later this year, having secured £14 million (EUR 16.8m / USD 18.6m) in funding. The venture is expected to create up to 100 new green jobs, the company said.
Durrant was previously Investment Director at the University of Edinburgh’s Old College Capital, and brings over a decade of experience supporting high-growth and sustainability-focused businesses. A chartered accountant and economics graduate from the University of Cambridge, he has worked across accountancy, strategic consultancy, and early-stage investment, MiAlgae noted in its announcement.
“Simon’s strategic mindset and deep financial expertise will be invaluable as we scale our operations, expand internationally, and reinforce our role as a global leader in sustainable biotechnology," said MiAlgae CEO and founder, Douglas Martin.
“MiAlgae’s vision for sustainability and what the team has already achieved is inspiring," added Durrant. "It’s rare to find a solution that is so compelling from both an environmental and economic perspective, so I couldn’t resist the opportunity to join at such a critical and exciting stage of the journey. I look forward to overseeing the finance function and supporting the business as we drive growth.”
The company reached commercial-scale production at its demonstrator site in Scotland last year and was also shortlisted for The Earthshot Prize, recognising its circular approach as a cost-effective alternative to fish-based oils.
