An Irish startup has been awarded a €2.8m
grant from EU Commission for a biorefining project. Cellulac, a Sherlock,
Galway based greentech company, is working on commercialising its biorefining
technology that converts agricultural waste into lactic acid.
Cellulac is a 'high-potential start up client' of Enterprise Ireland which
supported the company in its bid for this significant grant. Lactic acid is
used in food and beverages, cosmetics, pharmaceuticals, biodegradable
plastics and other industrial sectors. It is a growing €4bn per annum market and
is expanding at a rate of 19% per year.
The EU grant approval, which will anchor a consortium of funding from
State, institutional and private investors, will be used to prove mass
Possible locations for the demonstration plant
where lactic acid will be produced at an industrial level with the goal of
licensing the technology worldwide - - are currently being scouted in
Ireland and the EU.
The Department of Enterprise, Jobs
and Innovation says Cellulac will create 14 'high quality jobs' - - a
favourite phrase of the department.
Congratulating Cellulac on its win, Seán Sherlock TD Minister for
Research & Innovation said:
“The size of the EU Commission grant for the Cellulac project indicates the
high-commercial potential of the finished product - - Lactic acid and the
importance of biorefining as a future growth industry. I am delighted to
see one of Enterprise Ireland’s high-potential start-up clients make such a
strong impression in this EU initiative, which seeks to bridge the gap
between research and the market. Both the Irish Government and the EU
Commission are encouraging SMEs to convert good ideas for innovative
products, services and processes that protect the environment into
fully-fledged commercial prospects so I am particularly encouraged by
Check out our new
subscription service, Finfacts Premium
, at a low annual charge of €25 - - if
you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to
support the service.
It's a simple fact that in the
prevailing economic climate, the provision of high quality content cannot be
sustained through advertising alone.
Business executives who put a
premium on time and value high quality information, should use our service.