[Funding alert] Punjab Renewable Energy raises Rs 55Cr in Series B round
Punjab Renewable Energy Systems, (PRESPL), a biomass energy company, raised private equity investment from Shell, taking its Series B round funding to Rs 55 crore.
The company received its Series A round of funding in September 2013 from a private equity company responsibility followed by Series B from Neev Fund in April this year. The follow-on fund investment by Shell in Series B into PRESPL makes this round fully subscribed.
PRESPL, an end-to-end bio-energy solutions company, has partnered with other firms for the manufacture of biofuels such as Bioethanol, Bio-CNG, Drop-in Fuels, etc.
India produces over 500 million tonnes of surplus biomass every year, most of which is usually burnt in the fields contributing majorly to air pollution. This surplus biomass is the actual renewable (energy) raw material, which is being harnessed for energy by PRESPL.
On this funding from Shell, Monish Ahuja, MD, PRESPL said, “The investment from Shell will be utilised for business expansion in the bio-energy sector and biomass supply chain management space in India.”
Nitin Prasad, Chairman, Shell Companies in India, said,
“These partnerships help deliver the solutions society will need to meet energy demand while reducing carbon emissions. PRESPL’s biomass collection expertise supports rural development and contributes towards sustainable economic development. Shell is keen to play an active role in the energy transition in India, supporting economic growth with more and cleaner energy solutions.”
Founded in 2011, PRESPL has been catering to the biomass requirements of Independent Power Plants (IPPs), Captive and Co-Generation Power Plants and Industrial Process plants.
PRESPL has also ventured into value addition activities with a forward integration of businesses such as briquetting, steam energy generation and sale, investment in boiler assets. The company is actively engaged in the business of biomass to biogas, bio-CNG, and bio-fuel extractions.
(Edited by Saheli Sen Gupta)