Galway's Cellulac wins €2.8m grant
GALWAY-BASED green technology company Cellulac has won a €2.8 million grant from the European Commission to commercialise its biorefining technology, which converts agricultural waste into lactic acid.
There is a growing €4 billion market for lactic acid, which is used in a number of sectors, including food and beverages, cosmetics, pharmaceuticals and biodegradable plastics. It is found in products include shampoos and skin creams as well as food additives, with demand for the product exceeding supply in markets such as China.
Cellulac had been identified as a high-potential start-up by Enterprise Ireland, which supported it in its bid for the grant.
The EU grant gives Cellulac the opportunity to source funding from other State, institutional and private investors, which it will then use to develop mass production capability. The company is scouting locations in Ireland and Europe for a plant. Cellulac will create 14 jobs as a result of the grant.