Gruner Renewable Energy, a Noida-based company providing biogas solutions, has raised $60 million (about Rs 500 crore) in equity funding.
The company declined to disclose the name of the investors.
Gruner said it plans to use the capital to set up new compressed biogas (CBG) plants across the country, and to expand its operations and presence in the market. This will also include scaling up CNG retail outlets, and exploring new business verticals, such as sustainable aviation fuel (SAF) and green hydrogen, it said in a statement.
Set up in 2023, Gruner Renewable Energy builds plants and solutions for its clients to convert biomass and biowaste to renewable fuel in the form of compressed biogas. It offers end-to-end solutions encompassing the entire plant setup process.
“Biofuels will be essential in helping the country achieve its net zero ambitions. Government subsidies, tax credits, and substantial funding for R&D will be crucial in leveraging the opportunities inherent in CBG projects,” said founder and chief executive Utkarsh Gupta.
Gruner said a part of the capital will also go towards research and development (R&D) initiatives to increase energy output efficiency.
The company currently manages about 50 projects.