GPS Renewables said on Tuesday that it has secured orders worth ₹2,000 crore to undertake multiple Compressed Biogas (CBG) projects, also called Renewable Natural Gas (RNG), across the country.
The strategically-positioned CBG plants will process 4,000 tonnes per day (TPD) of agri-residue and energy crop, with an additional 300 TPD of municipal solid waste (MSW) processed for biogas, preventing landfill accumulation, the company said.
These initiatives collectively project a minimum daily output of 350 TPD of CBG, solidifying GPS Renewables’ commitment to a cleaner and sustainable future. With this substantial order-book, GPS Renewables is on track to cross a turnover of ₹500 crore in FY24, it added.
In FY23, the company achieved a total turnover of ₹153 crore, reflecting a significant increase of over 100 per cent compared with the previous fiscal year.
Accompanying this growth, the company increased its employee strength from 72 to 175, and is currently employing 356 full-time professionals. Despite rapid expansion, GPS Renewables maintained profitability, reporting an EBITDA of ₹17.5 crore with a PAT of ₹11 crore in FY23. It remains confident of sustaining similar levels of profitability in FY24.
GPS Renewables CEO and Co-Founder, Mainak Chakraborty, said, “From inception to date, we have focused on building a profitable solution to tackle India’s waste-to-bioenergy challenge. Today, our company has an order-book of ₹2,000 crore from leading conglomerates in the country. This showcases our commitment towards accelerating the substitution of fossil fuel with bio-energy and playing a key role in mitigating climate change.”
In a recent development, GPS Renewables acquired Germany-based Proweps Envirotech, a leading design and engineering company specialising in technologies for utilising municipal and industrial organic waste and agri-residue for biogas production. Proweps brings extensive international experience in waste treatment, anaerobic digestion, and biogas upgrading plants.
Other efforts
Looking ahead, through its climate infrastructure platform, GPSR Arya, the company plans to develop its own CBG projects via a Joint Venture with Indian Oil Corporation.
Additionally, through its research and development arm GPSR Aavishkar, the company is conducting cutting-edge research in developing anaerobic fungi for lignocellulosic biomass (plant-based dry waste) along with engineering multi-feedstock compliant digester technologies.
Furthermore, GPS Renewables is also investing in developing technologies and projects to supply sustainable aviation fuel.