A Scottish startup company producing omega 3 fatty acids from algae fed with residual products of the whiskey industry has won the Shell LiveWIRE Young Entrepreneur of the Year Award.

MiAlgae, based in Edinburgh, had pioneered a process to use whiskey production by-products called pot ale and spent lees to grow omega 3 producing microalgae, wrote Insider.co.uk on 6 June.

The omega 3 fatty acids were aimed at the aquaculture and pet food applications, but MiAlgae founder Douglas Martin said that with further regulatory approvals they could also be used for human nutrition.

The £30,000 (US$39,800) prize would help the company develop its algae reactor tank, which encouraged the growth of algae feeding on the nutrient-rich whiskey residues.

MiAlgae now planned to move its production unit and co-locate it with a whiskey distillery it had been working with, Insider.co.uk said.