The most recent capital infusion will take the full funding to $20 Mn
These days, GPS Renewables commissioned a BioCNG plant depending on SSO in Indore
The startup can also be doing the job on the world’s largest BioCNG plant in Hyderabad
GPS Renewables, a Bengaluru-dependent bioenergy engineering startup, has elevated contemporary new funds in a Collection B funding spherical from Neev Fund II, a enterprise money fund managed by SBICap Ventures.
The startup defined it methods to make use of the funding rounds to R&D and assist its subsequent part of growth and enlargement.
The most recent capital infusion usually takes the total funding within the startup to $20 Mn. Forward of this spherical, Hivos-Triodos Fund and Caspian Impact Investments invested in GPS Renewables in late 2020 in a Sequence A spherical, growing $3 Mn.
Began in 2012 by IIM-B graduates Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables focuses on biomethanation applied sciences to handle the natural squander administration problem, velocity up substitution of fossil gasoline with bioenergy and mitigate native local weather modify.
The startup has a captive biogas resolution named the ‘BioUrja’, and GPS Renewables claimed to have excess of 100 BioUrja installations throughout South Asia.
The startup counts Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, and numerous different hospitality chains this form of as Oberoi, Taj, ITC, Marriott, Hyatt and Accor Groups as its shoppers.
The startup stated it has expanded its potential by further than 5000x in extra of the previous pair of a number of years and handles BioCNG, Bioethanol and Eco-friendly Hydrogen enterprise integrations.
These days, GPS Renewables commissioned a BioCNG plant based totally on SSO (Provide Separated Organics) in Indore. The plant, which is Asia’s largest in its class, was inaugurated by Major Minister Narendra Modi and is ready up over 15 acres of land.
The biogas plant is anticipated to create 17 tonnes of BioCNG each single working day from 550 tonnes of pure and natural residence waste. GPS Renewables goals to electrical energy 400 city buses in Indore with the BioCNG generated from the plant.
Instantly after putting up Asia’s main BioCNG plant, the startup can also be performing on the world’s best BioCNG plant in Hyderabad, in partnership with growth associates from Japan.
Mainak Chakraborty, cofounder and CEO of GPS Renewables, claimed, “Local weather helpful solutions to those issues are the need to have of the hour, and that’s precisely the place GPS’ bioenergy choices suite is available in. We’re energized to affiliate with Neev II as we additional extra fortify our mission within the route of constructing the atmosphere cleaner and much more sustainable.”
In accordance to a present joint look at performed by the Worldwide Electrical energy Company and the Council on Electrical energy Environment and Consuming water, the funding in India’s renewable electrical energy sector has doubled over the earlier 5 yrs.
India’s cleantech sector was believed at much more than $25 Bn in 2017, and by 2030, India is predicted to satisfy up with 50% of its power demand from clients from renewable sources.
Extra, based on IEA analysis, the state is ready to have a principal stake on the earth cleantech trade by 2040, in applied sciences these sorts of as batteries, wind vitality, and photo voltaic electrical energy.