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Greenjoules, a Pune-based renewable fuels startup has raised INR 150 crore in a Series B funding round co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund. The funding will support the company's manufacturing expansion and strengthen its position in the renewable energy sector.
Rainmatter, the investment arm of Zerodha and Singularity's Strategic Autonomy Fund also participated in the funding round. Blue Ashva Capital, which led Greenjoules' Series A funding round in 2021, continues to remain the company's largest shareholder.
Greenjoules Secures INR 100 Cr Loan from Technology Development Board
Separately, the company has secured a loan of INR 100 crore from the Technology Development Board (TDB), operating under the Department of Science and Technology. With this additional financing, Greenjoules has mobilised a total of INR 250 crore through equity funding and debt financing.
The combined capital will be used to establish a manufacturing facility at Khed City in Pune, Maharashtra. The proposed facility will have a planned production capacity of 200,000 litres of biocrude per day, using agricultural waste as its primary raw material.
Manufacturing Facility to Be Developed in Phases from 2027
The proposed manufacturing facility will be developed in multiple phases, with construction scheduled to begin in 2027. The project is aimed at converting agricultural waste into renewable fuel on a larger commercial scale.
The investment is expected to strengthen Greenjoules' production capabilities and support the development of alternative fuels, while also creating opportunities to utilise agricultural and agro-industrial waste more efficiently.
Greenjoules Uses Proprietary ICTC Technology to Produce Renewable Fuels
Founded in 2018 by S. Viraraghavan, Radhika Viraraghavan, Shweta Viraraghavan and Sethunath Ramaswamy, Greenjoules focuses on converting agricultural and agro-industrial waste into renewable fuels.
The company uses its proprietary Integrated Catalytic Thermocracking (ICTC) technology to process waste materials and convert them into renewable fuel alternatives. Its business model focuses on developing sustainable energy solutions while addressing challenges related to agricultural waste management.
Expanding into Sustainable Aviation Fuel and Green Hydrogen
Beyond its existing renewable fuel operations, Greenjoules is also exploring opportunities in Sustainable Aviation Fuel (SAF), green hydrogen and sustainable materials. These areas are gaining importance as industries look for alternatives to conventional fossil fuels and ways to reduce carbon emissions.
With its latest funding and TDB loan, the company aims to expand its manufacturing infrastructure, scale up its technology and explore new applications in the clean energy and sustainable materials sectors.
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