Eco-Neev, a fuel catalyst manufacturer, plans to target bulk diesel users such as Indian Railways and mining companies for the nanotechnology product it claims reduces emissions by 18% and saves 5-7% on fuel costs. The company has secured specifications from bulk users of diesel such as Tata Steel, Hindustan Zinc and Coal India, which use Eco-Neev fuel additives in dumpers and other vehicles, bringing down their fuel costs and emissions. “The patented product is not just a high speed diesel, but doubles up to improve combustion inside the fuel chamber. It removes hydrocarbon deposits and sustains higher temperature to burn more fuel,” Kumar Binit, co-founder and managing director of Eco-Neev, told FE.
Eco-Neev has capacity to produce up to 5 billion litre of additives made from 10 parts of cerium oxide, 15 parts of various hydrocarbons and 75 parts of diesel. The patented cerium oxide helps reduce emission of nitrogen oxide and sulphur oxide. It also helps in oxidation of carbon mono oxide inside the engine, Binit said.
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“Users only need to mix just ten parts per million or 1 litre in 4,000 litre of diesel. That is why we are not targeting retail users, as they will require needles and sachets that would entail additional costs for us,” Binit said.
Till date, the company has supplied around 2000 litre, and invested close to $10 million in developing the product and other activities.
“We plan to invest $3-4 million (around R26 crore) and sell around 24,000 litre of Eco-Neev in 2017-18,” Binit said.
“We plan to target private and public sector bulk diesel users and are in talks with railways and some state governments in India and also in the West Asia,” Binit said.
The company believes the biggest challenge is to convince original equipment manufacturers in the automotive sector that these additives do not change the specifications of the fuel. So, there should be no impact on AMC contracts, leaving the warranties and guarantees intact, Binit said.