Schneider Electric has made an equity investment in Biofuels Junction through Schneider Electric Energy Access (SEEAA), the Asia-focussed clean energy fund co-funded by Norfund, EDFI MC, and Amundi.

Biofuels Junction is a Mumbai-based clean-energy venture that manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, to be used as a replacement for fossil fuel in various industries.

“We are excited to welcome SEEAA and Disruptors Capital as new investors in our company. This funding round will be instrumental to help us expand our current business, and also launch a technology platform to better address the requirements of the biofuels value chain,” said Ashvin Patil, co-founder, and CEO of Biofuels Junction.

In FY23, Biofuels Junction sourced waste from over 28,000 farmers and impacted 140,000 beneficiaries, resulting in the avoidance of 100,000 tonnes of CO2 emissions and 84.2K tonnes of agricultural waste.

Deepak Sharma, Zone President – Greater India, and CEO & MD, Schneider Electric India (SEIPL), reiterated the business’s commitment towards the country’s net zero goals, and stated that the company is working towards closing the gap between progress and sustainability. We believe in collaborating with like-minded partners to accelerate the transition towards a net zero future, he said.