Greenjoules raises 4.5 M$ from Blue Ashva Capital to scale-up production of green diesel
Type of post: NEWS IN BRIEF.
Greenjoules Pvt. Ltd. (Pune-based green energy technology firm) has raised 4.5 M$ from Blue Ashva Capital (investment firm based out of Singapore and India). The funding, a mix of debt and equity, will be utilised to set up commercial scale waste-to-energy plants and R&D initiatives.
Press release: “Green Energy company Greenjoules raises USD 4.5 M from Blue Ashva Capital”, 09/06/2021.
Greenjoules is an incubatee company of Science and Technology Park of Pune and has received funding support under Seed Support System of Department of Science and Technology (DST) of the Government of India. The company was founded in 2018 and is led by V Radhika, VS Shridhar, S Viraraghavan and R Sethunath. The management team has a strong corporate background, having worked with Indian and Global multinationals for over two decades.
Greenjoules uses wastes as feedstock to manufacture biofuel in compliance with IS 1460 standard for petroleum diesel. It can be used without any modification with the current diesel engines, gensets or boilers in use. The company is currently serving several large enterprise customers from its biorefinery in Chakan (Pune, India). It now plans to significantly scale up production by setting up a large facility near Pune to cater to the increasing demand of green diesel.