Biofuel company GPS Renewables on Tuesday announced $50 million (Rs 411.50 crores) funding in debt from a clutch of private and public lenders along with non-banking financial companies (NBFCs) including Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital and SIDBI.
Founded by Mainak Chakraborty and Sreekrishna Sankar, alumni of IIM-B, GPS Renewables has previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund and Hyderabad-based Caspian Impact Investments, the company said in a statement.
Speaking on the fundraise, Tilak Minocha, Chief Finance Controller, GPS Renewables, said, “At GPS, our aim is to lead the way in India’s clean energy shift. To achieve this goal, we must enhance biofuel production capacity and streamline adoption processes. Through our extensive projects nationwide, GPS Renewables has effectively addressed these challenges. To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations.”
The company offers end-to-end solutions for the development, production and distribution of biofuels spanning compressed biogas/renewable natural gas, 2G ethanol and green hydrogen, substituting fossil fuels.
GPS Renewables said it has more than 100 biogas plants, including Asia’s largest RNG plant based on MSW (Municipal Solid Waste) in Indore. The company currently has an order book of $240 million and MoUs worth $540 million for the execution of multiple plants of compressed biogas in India.
GPS Renewables reported $60 million in turnover for FY24, growing 225 per cent over FY23. It had acquired Germany-based design and engineering company Proweps Envirotech GmbH specializing in technologies for utilizing municipal and industrial organic waste and agri-residue for biogas production.
The company through its climate infrastructure platform – GPSR Arya is now looking to develop its own Compressed Biogas (CBG) projects through a joint venture with Indian Oil Corporation.
The government in 2022 had amended the 2018 National Biofuel Policy to increase biofuel production in the country by introducing Ethanol-blended petrol with up to 20 per cent ethanol throughout the country.