July 5, 2022

GPS Renewables, a Bengaluru-based bioenergy era company, has introduced it has closed its Sequence B investment from Neev Fund II, controlled by means of SBICap Ventures.

The newest spherical of investment will probably be used against R&D and to improve GPS Renewables’ subsequent segment of enlargement and growth.

With the present spherical, GPS has cumulatively raised as regards to $20 million within the type of fairness. The sooner spherical was once led by means of Netherlands founded Hivos-Triodos Fund and Hyderabad-based Caspian Affect Investments in September 2020.

GPS Renewables began off with a captive biogas product known as the ‘BioUrja’. These days, the corporate has 100+ BioUrja installations throughout South Asia, with Fortune 500 firms reminiscent of Microsoft, Intel, Bosch, Cummins, Saint Gobain, Reliance, and a number of other different main hospitality chains reminiscent of Oberoi, Taj, ITC, Marriott, Hyatt and Accor Teams as purchasers. The Corporate has effectively expanded its capability by means of over 5000x during the last couple of years, thereby positioning itself because the go-to venture integrator within the bioenergy house, masking BioCNG, Bioethanol and Inexperienced Hydrogen, it stated in a press remark.

Commenting at the funding, Mainak Chakraborty, Co-founder and CEO of GPS Renewables, stated, “Untreated natural waste streams, starting from city waste to paddy straw, are one of the most largest members to world warming and it poses critical well being considerations for the present and long run generations alike. Local weather sure answers to those issues are the will of the hour, and that’s the place GPS’ bioenergy answers suite is available in. We’re excited to spouse with Neev II as we additional enhance our venture against making the sector cleaner and extra sustainable. This partnership will lend a hand boost up our enlargement whilst capitalising at the natural feedstock to bioenergy marketplace.”

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Manav Bansal, CIO, Neev Finances, stated, “This funding into GPS resonates with our venture to decarbonise and to improve the following era of local weather marketers.”

Akshay Panth, Foremost, Neev Finances, stated, “Neev is proud to spouse with GPS of their adventure to lend a hand the sector transition to a extra sustainable way of life.”

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Printed on: Wednesday, March 16, 2022, 10:51 AM IST