GPS Renewables, a clean fuels-focused full-stack technology company in India, announced on Tuesday that it has secured $50 million in debt financing from NBFCs and banks in both the public and private sectors.
According to a press statement from the company, Punjab National Bank, HDFC, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI are among the financial institutions taking part in the latest funding round.
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Mainak Chakraborty and Sreekrishna Sankar founded GPS Renewables, which raised $20 million in 2022 from Neev Fund II by SBICap Ventures, Hyderabad-based Caspian Impact Investments, and the Netherlands-based Hivos-Triodos Fund.
The business offers comprehensive solutions for the creation, manufacturing, and marketing of biofuels.
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GPS Renewables has established more than 100 biogas plants and states to have a $240 million order book as well as $540 million in memorandums of understanding for the construction of other CBG plants around the nation.
“To achieve this (India’s shift to clean energy) goal, we must enhance biofuel production capacity and streamline adoption processes. To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations,” Tilak Minocha, Chief Finance Controller, GPS Renewables, said.
About GPS Renewables
GPS Renewables Leading full-stack biofuels company in India,it provides technology and EPC project development solutions for bioCNG, ethanol, and green H2. Prominent investors such as Hivos-Triodos, Caspian, and SBI Capital (Neev) support GPSR.
