In India, solid biomass fuel producer and supplier Biofuels Junction Pvt Ltd has recently secured an equity investment from compatriot venture capital (VC) firm Disruptors Capital Pvt Ltd, and France-headed global energy management and automation provider Schneider Electric SA through Schneider Electric Energy Access Asia (SEEAA), an Asia-focused clean energy fund, co-funded by Norfund, EDFI MC and Amundi.
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Biofuels Junction is a Mumbai-based clean-energy venture that manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, to be used as a replacement for fossil fuel in various industries.
In FY23, Biofuels Junction sourced waste from over 28,000 farmers and impacted 140,000 beneficiaries, resulting in the avoidance of 100,000 tonnes of carbon dioxide (CO2) emissions and 84,200 tonnes of agricultural waste.
SEEAA is an Asia-focused clean energy fund, co-funded by Norfund, EDFI MC, and Amundi.
There is a vast opportunity in India for solid biofuels sourced from agricultural residue to replace fossil fuels used in industries, leading to significant benefits to the environment through CO2 savings as well as social through increased income for smallholder farmers and their families. We are happy to partner with Biofuels Junction who are doing this in an organized manner at scale, said Gilles Vermot Desroches, SVP of Corporate Citizenship at Schneider Electric and President of SEEAA.
Through this investment the value of which has not been disclosed, Schneider Electric is empowering Biofuels Junction in its business objective of preventing stubble burning of agricultural waste and instead using this waste and converting it into solid biofuels.
We are excited to welcome SEEAA and Disruptors Capital as new investors in our company. This funding round will be instrumental to helping us expand our current business and also launch a technology platform to better address the requirements of the biofuels value chain, said Ashvin Patil, Co-Founder, and CEO of Biofuels Junction.
Deepak Sharma, Zone President – Greater India and CEO and MD, of Schneider Electric India (SEIPL), reiterated the business’s commitment towards the country’s net zero goals.
Schneider Electric is relentlessly working towards closing the gap between progress and sustainability. We believe in collaborating with like-minded partners to accelerate the transition towards a net-zero future. Sustainability is a collective goal and will need collective action from all. Through such partnerships, we are not only empowering businesses to reach climate goals but also encouraging them to prioritize sustainable practices across the value chain. We see this as a proud step towards contributing to India’s net zero journey, commented Deepak Sharma.