Pune-based renewable fuels company Greenjoules has raised ₹1.5 billion (~$16.01 million) in a Series B funding round co-led by Amazon’s Smbhav Venture Fund and Climate Pledge Fund.

Zerodha’s investment arm Rainmatter and Singularity’s Strategic Autonomy Fund also participated in the round.

The funding will support the development of a biocrude production facility at Khed City, Pune, with a capacity to process agricultural waste into 200,000 liters of biocrude per day. The company plans to develop the facility in phases beginning in 2027. Once completed, Greenjoules expects it to be the largest facility of its kind in India.

The company secured an additional ₹1 billion (~$10.67 million) loan from the Technology Development Board under the Government of India’s Department of Science and Technology, bringing the total financing for its expansion to ₹2.5 billion (~$26.68 million).

Greenjoules produces renewable fuels from agricultural and agro-industrial waste using its proprietary Integrated Catalytic Thermocracking process. The technology converts agricultural residue into biocrude, which is subsequently refined into renewable diesel and bio-naphtha. The two fuels can be used in existing vehicle engines and infrastructure without modification.

Greenjoules developed and tested its flagship technology at its Chakan plant near Pune.

The company also plans to extend its renewable fuels technology to produce sustainable aviation fuel and green hydrogen.

Amazon said its investment in Greenjoules forms part of its efforts to support technologies that could reduce emissions across transportation operations and supply chains.

Blue Ashva Capital, which led Greenjoules’ Series A funding round in 2021, remains the company’s largest shareholder.

According to the International Energy Agency, liquid biofuel consumption in road transport is projected to rise from 195 billion liters to 240 billion liters by 2031. Brazil and India are expected to account for 40% and 25% of global ethanol demand growth, respectively.