Greenjoules Secures $16 Mn to Build Agricultural Waste-Based Biocrude Plant

The funding will support the development of a new biocrude production facility at Khed City near Pune, Maharashtra. The plant is expected to process agricultural waste into biocrude, which can be further refined into renewable fuels.

Greenjoules Secures Investment from Amazon Funds and Other Investors

The Series B round was co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund. Other investors participating in the round include Rainmatter, the investment arm of Zerodha, and Singularity's Strategic Autonomy Fund.

Blue Ashva Capital, which led Greenjoules' Series A funding round in 2021, continues to be the company's largest shareholder.

In addition to the equity investment, Greenjoules secured a US$13.6 million loan from the Technology Development Board to support its expansion plans.

New Plant to Process Agricultural Waste into Biocrude

The company plans to establish a biocrude production facility at Khed City near Pune. The proposed facility is designed to produce up to 200,000 litres of biocrude per day using agricultural waste as its primary raw material.

Greenjoules uses its technology to convert agricultural residues into biocrude, which can then be refined into renewable diesel. The resulting fuel is designed to work with existing vehicles and fuel infrastructure.

The company also plans to expand its technology for the production of sustainable aviation fuel and green hydrogen.

Greenjoules Focuses on Reducing India's Dependence on Imported Fuel

India imports more than 80% of the crude oil it consumes, making alternative fuel sources important for its energy security.

Greenjoules aims to address this challenge by converting agricultural waste into renewable fuels. Its approach could also create additional income opportunities for farmers by providing a market for crop residues.

The technology may further help reduce the practice of burning agricultural waste in fields, which contributes to air pollution.

Greenjoules' Leadership on Developing Renewable Fuel Technology

Commenting on the company's journey, Shweta Viraraghavan, Co-founder and Chief Technology Officer of Greenjoules, said, "Greenjoules was built without a map; every step forward meant first inventing the path."

The latest funding reflects investor interest in advanced biofuels and technologies that convert agricultural residues into alternative energy sources.

About Greenjoules

Greenjoules is an India-based renewable fuels company focused on converting agricultural waste and other biomass resources into alternative fuels. The company develops technology to produce biocrude, which can be refined into renewable diesel and other low-carbon fuel products. It is also exploring opportunities in sustainable aviation fuel and green hydrogen.

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