Pune-based green energy tech firm Greenjoules Pvt Ltd has secured USD 4.5 million (around Rs 33 crore) from Blue Ashva Capital. The funds, raised in series A round, are a combination of equity and debt and will be utilised to setup commercial scale waste to energy plants and invest into new R&D initiatives, a statement said. The company was founded in 2018.
Greenjoules is a green technology company based out of Pune, specializes in making renewable Biofuels, commonly recognized as “Drop-in Fuels” or 2nd Gen. Biofuels. These are curated entirely 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).
The company was founded in 2018 and is led by V Radhika, VS Shridhar, S Viraraghavan and R Sethunath. The management team has a strong corporate background, having worked with Indian and Global multinationals for over two decades.
” Greenjoules’ vision of being a major player in wastes-to-energy market gets a boost with this investments from Blue Ashva Capital. With this we are well placed to play a significant role in serving the Large Industrial market, who have Board mandates to switch to environment friendly fuels. The 2018 Govt of India Biofuels policy intends to convert 5% of all Diesel being consumed to Biofuels by 2030. This will further add opportunities for us in the years to come. said Mr. V S Shridhar, Co-Founder and CEO of Greenjoules Pvt Ltd.
“Just imagine bio-wastes being converted into diesel for our cars, commercial vehicles and industrial applications and that too without any retrofit or modification required. This ushers in a new era of green diesel with a positive impact on the environment and economy. We are excited to work with Greenjoules to bring this novel green diesel to market.” said Satya Bansal, Founder, Blue Ashva Capital.
“Investment by Blue Ashva is a big milestone for Greenjoules. We can now focus not only 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 commercialize such fuels manufactured from the extraordinary range of agro wastes available in India.” said Mr. S Viraraghavan, Founder and Director of Greenjoules Pvt Ltd.