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Bioenergy Startup GPS Renewables Raises Funds From Neev Fund II

Bioenergy Startup GPS Renewables Raises Funds From Neev Fund II

The latest capital infusion will take the total funding to $20 Mn

Lately, GPS Renewables commissioned a BioCNG plant dependent on SSO in Indore

The startup is also doing the job on the world’s biggest BioCNG plant in Hyderabad

GPS Renewables, a Bengaluru-dependent bioenergy engineering startup, has elevated fresh new funds in a Series B funding spherical from Neev Fund II, a enterprise cash fund managed by SBICap Ventures.

The startup explained it strategies to use the funding rounds to R&D and help its subsequent phase of expansion and enlargement.

The newest capital infusion normally takes the full funding in the startup to $20 Mn. Ahead of this spherical, Hivos-Triodos Fund and Caspian Effect Investments invested in GPS Renewables in late 2020 in a Sequence A round, increasing $3 Mn.

Started in 2012 by IIM-B graduates Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables focuses on biomethanation technologies to address the organic squander administration challenge, speed up substitution of fossil gas with bioenergy and mitigate local climate modify.

The startup has a captive biogas solution named the ‘BioUrja’, and GPS Renewables claimed to have far more than 100 BioUrja installations across South Asia.

The startup counts Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, and a number of other hospitality chains this sort of as Oberoi, Taj, ITC, Marriott, Hyatt and Accor Teams as its clients.

The startup said it has expanded its ability by extra than 5000x in excess of the past pair of several years and handles BioCNG, Bioethanol and Eco-friendly Hydrogen venture integrations.

Lately, GPS Renewables commissioned a BioCNG plant primarily based on SSO (Supply Separated Organics) in Indore. The plant, which is Asia’s largest in its class, was inaugurated by Primary Minister Narendra Modi and is set up over 15 acres of land.

The biogas plant is anticipated to create 17 tonnes of BioCNG every single working day from 550 tonnes of natural and organic residence waste. GPS Renewables aims to electricity 400 town buses in Indore with the BioCNG generated from the plant.

Immediately after placing up Asia’s major BioCNG plant, the startup is also functioning on the world’s greatest BioCNG plant in Hyderabad, in partnership with development associates from Japan.

Mainak Chakraborty, cofounder and CEO of GPS Renewables, claimed, “Climate beneficial answers to these complications are the have to have of the hour, and that is exactly where GPS’ bioenergy options suite comes in. We are energized to associate with Neev II as we further more fortify our mission in the direction of making the environment cleaner and a lot more sustainable.”

In accordance to a current joint examine conducted by the International Electricity Agency and the Council on Electrical power Surroundings and Drinking water, the investment in India’s renewable electricity sector has doubled over the previous 5 yrs.

India’s cleantech sector was believed at a lot more than $25 Bn in 2017, and by 2030, India is predicted to meet up with 50% of its strength demand from customers from renewable sources.

Additional, according to IEA evaluation, the state is set to have a main stake in the world cleantech industry by 2040, in technologies these kinds of as batteries, wind vitality, and solar electricity.