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Gruner Renewable Energy said on Monday that it has secured $60 million in funding, which will enable the company to further expand its presence in the green energy domain as it moves ahead to establish new compressed biogas (CBG) plants across the country.
The company is committed to enhancing its research and development (R&D) efforts as it aims to make substantial contributions toward Prime Minister Narendra Modi’s vision of energy independence and sustainability for India.
Gruner plans to utilise this funding to significantly enhance its operations and market presence.
With a primary aim of introducing breakthrough technology and highly efficient processes in the biogas industry, a substantial portion of the investment will be allocated to advancing research and development (R&D) initiatives.
They will continue focusing on increasing energy efficiency and the accuracy of biogas production, targeting a projected substantial increase in energy output efficiency, the company said.
Additionally, the funds will support business expansion, including establishing new biogas plants across India, scaling up CNG retail outlets, and exploring new business verticals such as sustainable aviation fuel (SAF) and green hydrogen. This strategic investment is expected to exponentially increase Gruner’s market share over the next five years, it added.
“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,” said Utkarsh Gupta, Founder & CEO of Gruner Renewable Energy.
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. 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. This investment in Gruner from like-minded partners will be essential for driving this transformation, he added.
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