As part of the deal, STEER Engineering will develop bio processors with a capacity of 2.5 tons per hour, designed for agro-residue and biomass feedstocks
With this partnership, GPW Renewables aims to optimise performance and minimise lifecycle costs of its projects in the biofuel sector, founder and CEO Mainak Chakraborty said
As the country transitions to net-zero carbon emissions, cleantech startups are hogging the spotlight, attracting significant investor interest, having raised more than $861 Mn in funding across 57 deals last year
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Amid India’s push to bolster its renewable energy ecosystem, Bengaluru-based cleantech startup GPS Renewables has teamed up with full-stack technology and engineering company STEER Engineering to build made in India bio-CNG processors.
Founded in 1993 by Babu Padmanabhan, STEER Engineering makes advanced materials platforms used in pharma, packaged foods, nutraceuticals, biomaterials and bio refining industries. The company claims to cater to clients in more than 50 countries across the world and holds over 90 granted patents.
As part of the deal, STEER Engineering will develop bio processors with a capacity of 2.5 tons per hour, designed for agro-residue and biomass feedstocks such as paddy straw, mustard stalk, cotton stalk, maize and Napier grass.
These bio-processors will help streamline the preconditioning of the agro-residue and biomass feedstocks and generate better biofuel yields.
With this partnership, GPW Renewables aims to optimise performance and minimise lifecycle costs of its projects in the biofuel sector, founder and CEO Mainak Chakraborty said.
Nitin Gupta, CEO of STEER Engineering, said the partnership is in line with the company’s vision of cultivating a cleaner and sustainable future for India.
Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables offers end-to-end solutions for the development, production and distribution of biofuels.
GPS Renewables claims to have built more than 100 biogas plants and has a current order book worth $240 Mn. It also claims to have signed multiple MoUs, totaling $540 Mn, for the execution of multiple compressed biogas plants across India.
In April this year, the startup secured $50 Mn (about INR 410 Cr) in debt funding from a clutch of banks and non-banking financial companies (NBFCs), including the Punjab National Bank, HDFC Bank, Yes Bank, Northern Arc, Spark Capital, Tata Capital SIDBI, among others.
The development comes at a time when the Centre is strengthening the renewable ecosystem in the country, as India aims to become a developed nation by 2047. Since the country does not have its own oil and gas resources, it has to rely on others to meet its energy needs.
To become ‘atmanirbhar’ in the energy sector, India has gone from strength to strength and is focusing on green hydrogen projects, apart from solar and wind projects. According to data from the power ministry, India is estimated to see a 83% jump in investments in renewable energy projects to $16.5 Bn in 2024.
As the country transitions to net-zero carbon emissions, cleantech startups are hogging the spotlight, attracting significant investor interest. More than 13 cleantech and climate tech-focussed funds were unveiled last year in the country. As per Inc42 data, Indian cleantech startups raised more than $861 Mn across 57 deals in 2023.
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