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<p>Punjab Renewable Energy Systems Pvt. Ltd. (<a href="http://www.prespl.com/index.html" target="_blank" rel="noopener">PRESPL</a>), 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.</p>
<p>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.”</p>
<p>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 <a href="http://sbicapventures.com/neev_fund/" target="_blank" rel="noopener">NEEV Fund</a> set up by <a href="https://sbicapventures.com/" target="_blank" rel="noopener">SBICAP Ventures Limited</a> and up to $3-5 million from another unnamed investor,” added Ahuja.</p>
<p>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).</p>
<p><a href="https://mercomindia.com/cabinet-approves-national-policy-biofuels/" target="_blank" rel="noopener">Mercom previously reported</a> 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 <a href="https://mnre.gov.in/sites/default/files/schemes/scheme-Biomass-11052018.pdf" target="_blank" rel="noopener">announced</a> by the Ministry of New and Renewable Energy’s biomass power division.</p>
<p><a href="https://mercomindia.com/india-joins-club-collaboration-new-fuels/" target="_blank" rel="noopener">In 2018</a>, India also joined the Advanced Motor Fuels Technology Collaboration Program (<a href="https://www.iea.org/tcp/end-use-transport/amf/" target="_blank" rel="noopener">AMF TCP</a>) under the International Energy Agency (IEA) to facilitate India’s entry into the advanced motor and alternate fuels’ market.</p>
<p><a href="https://mercomindia.com/mnre-amends-policy-biomass-cogeneration/" target="_blank" rel="noopener">In December 2018</a>, Ministry of New and Renewable Energy (<a href="http://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>) 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.</p>
<p><a href="https://mercomindia.com/rajasthan-draft-tariff-biomass-biogas/" target="_blank" rel="noopener">In January 2019</a>, the Rajasthan Electricity Regulatory Commission (<a href="http://rerc.rajasthan.gov.in/" target="_blank" rel="noopener">RERC</a>) issued draft terms and conditions for the determination of tariff for biomass, biogas, and biomass gasifier energy.</p>
<p>Image credit: PRESPL</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>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 &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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Biomass Company PRESPL to Raise Up to $10 Million in Series B Funding

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