The latest round of funding will be used towards R&D and to support GPS Renewables’ next phase of growth and expansion
GPS Renewables, a Bengaluru-based bioenergy technology firm, has closed its Series B funding from Neev Fund II, managed by SBICap Ventures. The latest round of funding will be used towards R&D and to support GPS Renewables’ next phase of growth and expansion.
With the current round, GPS has cumulatively raised close to $20 million in the form of equity. The earlier round was led by Netherlands based Hivos-Triodos Fund and Hyderabad-based Caspian Impact Investments in September 2020.
GPS Renewables started off with a captive bio gas product called the ‘BioUrja’. The Company has successfully expanded its capacity by over 5000x over the last couple of years, thereby positioning itself as the go-to project integrator in the bio energy space, covering BioCNG, Bioethanol and Green Hydrogen.
GPS Renewables has recently commissioned Asia’s largest BioCNG plant based on SSO (Source Separated Organics) in Indore, Madhya Pradesh, which was inaugurated by Prime Minister Narendra Modi. Setup over 15 acres of land, this bio-gas plant is expected to produce 17 tonnes of BioCNG every day from 550 tonnes of organic household waste. Nearly 400 city buses in Indore will soon run on the BioCNG generated from this bio gas plant. The company is in the process of setting up the world’s largest BioCNG plant in Hyderabad in association with project development partners from Japan.
Commenting on the investment, Mainak Chakraborty, Co-founder and CEO of GPS Renewables, said, “Untreated organic waste streams, ranging from urban waste to paddy straw, are one of the biggest contributors to global warming and it poses serious health concerns for the current and future generations alike. Climate positive solutions to these problems are the need of the hour, and that’s where GPS’ bio-energy solutions suite comes in. We are excited to partner with Neev II as we further strengthen our mission towards making the world cleaner and more sustainable. This partnership will help accelerate our growth while capitalising on the organic feed-stock to bio-energy market.”
