What does the company do?
Celtic Renewables has developed a first-of-its-kind industrial process that converts by-products and waste from industries like food, drink and agriculture into bio-based chemicals. Their innovative fermentation technology produces bio-acetone, bio-butanol, and bio-ethanol - essential chemicals that can be used in thousands of everyday products including cosmetics, pharmaceuticals, fragrances and cleaning products.
This is a solution that allows industries to align with their net zero goals, by reducing dependence on fossil fuels and cutting carbon emissions, while also providing efficient and sustainable treatment solutions for companies with industrial by-products and waste.
Why did the company raise money?
The company raised money on Abundance as part of a wider funding package to provide the funding required to construct and commission its first commercial plant in Grangemouth.
How is the company making an impact?
Celtic Renewables built Scotland’s first biorefinery, successfully taking their process from lab to plant scale with 24/7 manufacturing operation. Recognised as industry leaders in ABE (Acetone-Butanol-Ethanol) fermentation, they have developed a circular process. This process converts by-product materials like whisky residues and rejected potatoes into bio-based chemicals, delivering over 60% carbon savings compared to petrochemical alternatives.
This work is establishing a blueprint for building world-leading ABE biorefineries, creating highly skilled green jobs and contributing to the green economy in Scotland and beyond.
With funding from Abundance, alongside private and public investment, their commercial demonstrator facility is fully operational, producing and selling green chemicals as planned. The knowledge gained from operating the demonstrator plant has de-risked future scale-up, and Celtic Renewables is now in the planning and development phase for construction of an industrial-scale biorefinery with 10x the capacity.
Investment history
Extension 2020
A grant awarded to Celtic Renewables, which was due to cover a significant proportion of the construction costs for the Grangemouth plant, was unexpectedly withdrawn in late 2018. This meant the company temporarily suspended all construction work until replacement funding could be secured. By the end of March 2020, the company was able to restart work on the Grangemouth plant – the required funding included an additional £726,000 from existing Debenture holders. To give Celtic Renewables Grangemouth more time to secure the funding and complete the Grangemouth plant, the maturity date of the investment was extended to 30 June 2022.
Restructuring 2022
Celtic Renewables Grangemouth was unable to make the repayment of capital and interest payment that was due on the maturity date of 30 June 2022. The company therefore made a restructuring proposal to investors which was voted on and agreed with investors in July 2022. The restructuring meant that investors' capital was converted into shares in Celtic Renewables Limited, the parent company of Celtic Renewables Grangemouth plc, which also took on the obligation to pay the interest owed to investors. A new payment date for the interest was extended out to 31 December 2024.
Interest extension 2024
In December 2024, the company requested an extension for the interest payment to give the company more time (no later than 30 September 2025) to complete a funding round. The company also offered to pay additional interest at a rate of 9% on the outstanding interest amount. The proposal was accepted by the required threshold of investors.
Interest extension 2025
In October 2025, the company requested a further extension to no later than 30 September 2027. This proposal was accepted by the required threshold of investors. The outstanding interest amount continues to accrue interest at 9% (starting from 1 January 2025) and investors have also been awarded warrants roughly equal to 10% of their existing shareholding.
This investment represents the shares held in Celtic Renewables Limited.
Shareholding
In 2022, as part of the restructuring proposal agreed with investors, investors' capital was converted into shares in Celtic Renewables Limited (the parent company of Celtic Renewables Grangemouth plc) with the interest owed to investors becoming an obligation of Celtic Renewables Limited with a new payment date of 31 December 2024.
This investment represents the shares held in Celtic Renewables Limited.
Documents
Shareholding
Your shareholding in Celtic Renewables Limited is an equity holding, which means there are no fixed repayment dates or interest payments. Your shareholding gives you a right to a share of any future dividends paid out by Celtic Renewables Limited.
In the future there may be options to sell your shares, for example if the business is sold in part or in full, which would give you the opportunity to exit your shares and receive a retun.