Greenjoules, a Pune-based green energy technology firm, has raised $4.5 million (about Rs33 crore) in its Series A funding round from Blue Ashva Capital through its Blue Ashva Sampada Fund. The funds raised are a combination of equity and debt and would be utilised to establish commercial scale waste-to-energy plants and invest in novel R&D initiatives.
The firm was founded in 2018 and is led by V Radhika, VS Shridhar, S Viraraghavan and R Sethunath.
Greenjoules specialises in manufacturing
renewable biofuels, usually recognised as “Drop-in Fuels" or second generation biofuels. These are curated completely from agricultural residue and renewable wastes from agro-processing industries. They can be used for industrial applications, to power boilers, gensets, and for commercial applications such as diesel-powered vehicles.
Greenjoules Biofuels use non-food and non-feed wastes as feedstock to producte biofuels. The fuel is made to the BIS1460 Standards that petroleum diesel follows. It can be used without any alteration in diesel engines, gensets or boilers in use.
The firm is currently serving several enterprise customers from its biorefinery in Chakan, Pune. It plans to significantly scale up production by establishing a large facility near Pune to meet increasing demand for green diesel.
"Greenjoules’ vision of being a major player in wastes-to-energy market gets a boost with this investments from Blue Ashva Capital. With this we are well placed to play a significant role in serving the Large Industrial market, who have Board mandates to switch to environment friendly fuels. The 2018 Govt of India Biofuels policy intends to convert 5% of all Diesel being consumed to Biofuels by 2030. This will further add opportunities for us in the years to come," stated V S Shridhar, co-founder and CEO of Greenjoules.