Greenjoules, an Indian renewable fuels startup, has raised ₹150 crore in a Series B funding round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund. The investment, reported on November 11, will support the company’s plans to expand production of renewable fuels made from agricultural and industrial waste.
The company has also secured a ₹100 crore loan from the government’s Technology Development Board, bringing the total financing associated with its expansion plans to ₹250 crore.
Turning Agricultural Residue Into Renewable Fuel
Greenjoules has developed technology to convert agricultural residue and other biomass materials into biocrude, which can then be refined into renewable diesel and other fuel products. The approach is intended to make use of waste materials that might otherwise be burned or discarded.
The company’s planned facility in Pune’s Khed City is designed to produce up to 200,000 litres of biocrude per day. The technology has been developed and tested at its existing plant near Chakan, according to the company and investors cited in Business Standard’s report.
Renewable diesel produced through the process is intended to function as a drop-in fuel, meaning it can be used with existing vehicles and fuel infrastructure without requiring major modifications.
Investors Back Industrial Scale-Up
The Series B round also included participation from Rainmatter, Zerodha’s investment arm, and Singularity’s Strategic Autonomy Fund. Blue Ashva Capital, which led Greenjoules’ Series A round in 2021, remains its largest shareholder.
The funding will help the company move from demonstrating its process at an operating facility towards larger-scale production. This is an important transition for industrial climate technology startups, where proving that a process works consistently at commercial scale can be more difficult than developing it in a laboratory.
Energy Security and Waste Management Opportunity
India imports a substantial share of the crude oil it consumes, while agricultural activity generates large quantities of crop residue. Converting some of that material into fuel could support domestic energy production while creating an additional market for agricultural waste.
Greenjoules has also indicated ambitions to extend its technology into sustainable aviation fuel and green hydrogen. These remain areas for future development rather than proof of current large-scale output.
The company’s next challenge will be to build and operate the planned production capacity efficiently, secure consistent feedstock supplies and demonstrate that renewable fuels can compete commercially with conventional alternatives.
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