Retail

Schneider Electric Energy Access Asia co-leads investment in Biofuels Junction



Schneider Electric announced on Friday that it has made made an equity investment in Biofuels Junction through Schneider Electric Energy Access (SEEAA), the Asia-focused clean energy fund, co-funded by Norfund, EDFI MC and Amundi. Through this collaboration, Schneider Electric is empowering Biofuels Junction in their business objective of preventing stubble burning of agricultural waste and instead using this waste and converting it into solid biofuels.

SEEAA is an investment vehicle managed by Schneider Electric to invest in early-stage clean energy ventures in South and Southeast Asia.

“This funding round will be instrumental to help us expand our current business and also launch a technology platform to better address the requirements of the biofuels value chain,” Ashvin Patil, co-founder and CEO of Biofuels Junction said in a statement.

Biofuels Junction is a Mumbai-based clean-energy venture that manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, to be used as a replacement for fossil fuel in various industries. In FY23, Biofuels Junction sourced waste from over 28,000 farmers and impacted 140,000 beneficiaries, resulting in the avoidance of 100,000 tons of CO2 emissions and 84.2K tons of agricultural waste.
Gilles Vermot Desroches, Senior Vice President Corporate Citizenship Schneider Electric and President of SEEAA, stated, “There is a vast opportunity in India for solid biofuels sourced from agricultural residue to replace fossil fuels used in industries, leading to significant benefits to the environment (through CO2 savings) as well as social (through increased income for smallholder farmers and their families).”Deepak Sharma, Zone President – Greater India and CEO & MD, of Schneider Electric India (SEIPL) said, “Through such partnerships, we are not only empowering businesses to reach climate goals but also encouraging them to prioritize sustainable practices across the value chain. We see this as a proud step towards contributing to India’s net zero journey.”

ETRise MSME Day 2022 Mega Conclave with Industry Leaders. Watch Now.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.