In the current study two novel psychrophilic diatoms Porosira glacialis and Attheya longicornis were tested for suitability to CO2 mitigation coupled with production of the physiologically requisite omega- 3 fatty acids. This study is in line with the worldwide conducted research aimed at applying biorefinery concept to heavy polluting industries. Since the production of algal high value compounds, i.e. essential fatty acids, relies on utilization of residual CO2 emissions coming from industry, the costs of such production maybe substantially reduced. Besides, the ecological benefits of the biorefinery concept being implemented are obvious, since CO2 is one of the major greenhouse gases. The current research has shown that one of the tested microalgal species, the diatom P. glacialis showed good tolerance to high (20-25%) levels of CO2 and maintained growth rates comparable to controls. The total lipid content in the CO2 aerated culture increased from 8.91 to 10.57% in cell dry mass. Additionally, the content of docosahexaenoic acid (DHA) increased from 3.90 to 5.75%, while the concentration of eicosapentaenoic acid (EPA) decreased from 26.59 to 23.66%. In contrast, A. longicornis did not demonstrate any significant increase in total lipid content. Besides, its growth was hampered by high levels of CO2 aeration.