Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), a Mumbai-based biomass supply chain management company, is planning to raise up to $10 million in Series B funding round. Promoted by the Bermaco Group, the company supplies loose biomass and biomass briquettes to biomass-based power plants and process industry with captive power plants.
Lt. Col. Monish Ahuja (Retd.) Managing Director, PRESPL, told Mercom, “The bioenergy, biofuel sector in India is looking very bullish right now. A lot of policy intervention has occurred, and that’s why a company like ours can find investors willing to fund our expansion.”
Ahuja informed that in September 2013, PRESPL had raised $2 million in Series A funding. “Now, we are looking to raise $5 million from the NEEV Fund set up by SBICAP Ventures Limited and up to $3-5 million from another unnamed investor,” added Ahuja.
Ahuja further said, “We are in advanced talks with the other investor and are aiming to close Series B funding round anywhere between $8 million to $10 million.” The funds will be utilized to execute four contracts that PRESPL has undertaken, for the expansion of the team and the expansion of its processes (digitalization).
Mercom previously reported that the central government’s cabinet, headed by Prime Minister Narendra Modi, approved the National Policy on Biofuels – 2018. A program to support the promotion of biomass-based cogeneration in sugar mills and other industries was also recently announced by the Ministry of New and Renewable Energy’s biomass power division.
In 2018, India also joined the Advanced Motor Fuels Technology Collaboration Program (AMF TCP) under the International Energy Agency (IEA) to facilitate India’s entry into the advanced motor and alternate fuels’ market.
In December 2018, Ministry of New and Renewable Energy (MNRE) amended two clauses in the policy to support the promotion of biomass-based cogeneration projects in sugar mills and other industries in the country up to March 2020.
Image credit: PRESPL
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.