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Gruner Renewable Energy announced on Monday that it has secured $60 million in funding, aimed at expanding its presence in the green energy sector by establishing new compressed biogas (CBG) plants across India. This investment will bolster the companys research and development (R&D) efforts, aligning with Prime Minister Narendra Modi’s vision for energy independence and sustainability.
The company plans to use the funding to enhance operations and market presence significantly. A substantial portion of the investment will be dedicated to advancing R&D initiatives, focusing on introducing breakthrough technologies and efficient processes in the biogas industry. The goal is to increase energy efficiency and accuracy in biogas production, thereby boosting energy output.
The funds will also support business expansion, including the establishment of new biogas plants throughout India, scaling up CNG retail outlets, and exploring new business avenues such as sustainable aviation fuel (SAF) and green hydrogen. Gruner expects this strategic investment to significantly increase its market share over the next five years.
"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 provided a major boost to the sector. Currently, there are 113 operational CBG plants, with 667 in development and 171 under construction. These policy enablers promote a circular economy and sustainable development, and the investment in Gruner from like-minded partners will be crucial for driving this transformation, Gupta added. |
