Gruner Renewable Energy secures US$60 million to expand CBG projects in India
Gruner Renewable Energy has secured $60 million in funding to expand its Compressed BioGas (CBG) operations across India. This investment will support the establishment of new CBG plants and enhance research and development efforts. Gruner’s growth aligns with Prime Minister Narendra Modi’s vision for energy independence and sustainability. The funds will also facilitate business expansion into sustainable aviation fuel and green hydrogen. The company aims to significantly increase energy efficiency and market presence while contributing to India’s circular economy and net-zero goals.
Gruner Renewable Energy, a leader in sustainable biogas solutions in India, announced that it has secured US$ 60 million in funding. This investment will enable Gruner Renewable Energy 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.
“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. 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,” said Utkarsh Gupta, Founder & CEO, Gruner Renewable Energy.
Gruner plans to utilize 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, focusing on increasing energy efficiency and the accuracy of biogas production, targeting a projected substantial increase in energy output efficiency. 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.
“As the Modi 3.0 government has taken charge, the biofuels industry anticipates policy reforms that will facilitate the expansion of new CBG projects nationwide. Biofuels will be essential in helping the country achieve its net zero ambitions. Government subsidies, tax credits, and substantial funding for R&D will be crucial in leveraging the opportunities inherent in CBG projects. This vision aligns with the goal of ‘Viksit Bharat’ (Developed India), where sustainable and self-reliant energy solutions drive economic growth and environmental stewardship,” added Utkarsh.
According to Utkarsh, encouraging the cultivation of energy crops through direct subsidies and financial incentives for farmers is essential. This approach not only supports the agricultural sector but also ensures a steady supply of feedstock for biogas production. By providing these incentives, the government can promote sustainable farming practices and contribute to the growth of the renewable energy sector. This strategy will help build a self-reliant and sustainable future for India.
A reflection of its commitment towards a cleaner and greener future for India, Gruner Renewable Energy is also establishing Asia’s largest CBG plant in Navsari, Gujarat.
Source Link : https://bioenergytimes.com/gruner-renewable-energy-secures-us60-million-to-expand-cbg-projects-in-india/
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