Noida's Gruner Renewable Energy raises $60M to enhance sustainable biogas solutions
Gruner Renewable Energy manages over 50 projects and says it has achieved a turnover of Rs 40 crore in five months.
Noida-based sustainable biogas solutions company has secured $60 million in funding.
It plans to use the funding to enhance biogas operations, market presence, and research to improve energy efficiency and production accuracy. It will also use the capital to expand business via new compressed biogas (CBG) plants and retail outlets.
"Establishing CBG plants in India is crucial for fostering a self-reliant and sustainable future. By promoting clean energy production and reducing dependence on imported compressed natural gas (CNG), we contribute significantly to India's vision of energy independence. The Union Budget 2023-24 announcement to establish 500 new waste-to-wealth plants under the GOBARdhan initiative has been a major boost for the sector," said Utkarsh Gupta, Founder and CEO, Gruner Renewable Energy.
"With 113 functional CBG plants, 667 in development, and 171 under construction, the growth is substantial. These policy enablers promote a circular economy and sustainable development," he added.
Gruner Renewable Energy, established in February 2023, provides end-to-end plant setup solutions and is a member of the Indian Biogas Association.
It has achieved a turnover of Rs 40 crore in just five months and manages over 50 projects.
Edited by Affirunisa Kankudti