Noida-based Gruner Renewable Energy has raised USD 60 million in funding, an ambitious move to strengthen India’s clean energy sector. This gigantic investment will help the company augment its presence in the green energy industry with a host of new compressed biogas plants all over the country.
PC: BioEnergy Times
Gruner Renewable Energy, a major solutions provider in sustainable biogas, is all set to take giant steps toward an independent and self-reliant India. On this development, Utkarsh Gupta, founder and CEO, said that, with this, CBG plants are going to be really special in making a self-reliant, sustainable future. Setting up CBG plants in India is a part of the development of clean energy and cutting dependence on imported compressed natural gas. This was said by matching his company’s mission to the vision laid down by Modi.
He further said that, the Union Budget 2023-24 has, in fact, acted as more of a catalyst to this sector by announcing 500 new waste-to-wealth plants under the GOBARdhan initiative. To date, there are 113 functional CBG plants in India, while another 667 plants are under development and 171 others under construction. The policy enablers drive a circular economy and sustainable development to which the new investment in Gruner Renewable Energy is expected to contribute significantly.
Gruner intends to use the newly raised funds to develop its operations and market its presence. The majority of the investment will be dedicated to research and development to enhance energy efficiency and accuracy in producing biogas. This step towards innovation will prove to increase the efficiency of energy output drastically.
Moreover, it will be used for setting up new biogas plants all over India, scaling up CNG retail outlets, and identification of new business verticals such as SAF and green hydrogen. This strategic investment is expected to further raise Gruner’s market share exponentially for the next five years.
Utkarsh also added that, with the Modi 3.0 Government at the helm, a biofuels industry that is eyeing reforms to accelerate the execution of new CBG projects across the country, the contribution of biofuels would thus turn out to be critical in achieving Net Zero for the country. The government subsidies, tax credits, and massive funding for R&D shall aid the opportune exploitation of CBG projects in pursuit of the ‘Viksit Bharat’ dream.
Gruner Renewable Energy, incorporated in February 2023, has scaled up its presence as one of the biggest participants in the sustainable energy solution area. It provides integrated services for the setting up of a biogas plant with the finest German technology. Its five-month-old existence has seen Gruner cross a turnover of Rs 40 crore and handling more than 50 projects.
It is in this regard that Gruner, as an investor in energy crops, supports their cultivation through direct subsidies and financial support to farmers. The model he has advanced sustains farming while guaranteeing a constant supply of feedstock for biogas production, promoting sustainable farming and growth in the renewable energy sector.
With this new funding, Gruner Renewable Energy is well-positioned to drive key changes in the landscape of renewable energy in India, thus showing a path toward a sustainable self-reliant future.
