Will be used by the companyto set up waste-to-energy plants and invest into R&D.
Greenjoules Pvt Ltd, a Pune-based green energy technology company, has raised 33 crore ($4.5 million) from Blue Ashva Capital. The fund raised will be used by the companyto set up waste-to-energy plants and invest into R&D.
The funds were raised through a combination of equity and debt from Blue Ashva Capital’s Blue Ashva Sampada Fund.
Specialising in renewable biofuels
Greenjoules specialises in making renewable biofuels, commonly recognised as drop-in fuels or second-generation biofuel, curated from agricultural residue and renewable wastes from agro processing industries.
The fuel can be used for industrial applications (to power boilers, gensets) and commercial applications (in diesel-powered vehicles).
V S Shridhar, Co-Founder and CEO of Greenjoules said: “With this we are well-placed to play a significant role in serving the large industrial market with mandates to switch to environment-friendly fuels.
The 2018 Government of India Biofuels Policy intends to convert 5 per cent of all diesel being consumed to biofuels by 2030. This will further add opportunities for us in the years to come”.
The company is currently serving several large enterprise customers from its biorefinery in Chakan, Pune. It now plans to scale up production by setting up a large facility near Pune to cater to the increasing demand of green diesel.
S Viraraghavan, Founder and Director of Greenjoules said: “Investment by Blue Ashva is a big milestone for Greenjoules. We can now focus not only on growing our current product range but also on developing a portfolio range of high energy density liquid and gaseous biofuels.
It is also an opportunity to commercialise such fuels manufactured from the extraordinary range of agro wastes available in India”.
Greenjoules had received funding support under Seed Support System of Department of Science and Technology, Government of India. The company has been funded earlier by MAPE, Bengaluru.