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Schneider electric invests in biofuels junction sustainable energy mission

September 8, 2023 6:46 pm

Schneider electric invests in biofuels junction sustainable energy mission

Schneider Electric invests in Biofuels Junction, advancing eco-friendly solutions and sustainability in India’s energy landscape.

Schneider Electric, a leader in the digital transformation of energy management and automation, has announced an equity investment in Biofuels Junction through Schneider Electric Energy Access (SEEAA). SEEAA is an Asia-focused clean energy fund co-funded by Norfund, EDFI MC, and Amundi. This partnership aims to support Biofuels Junction in its mission to prevent the burning of agricultural waste, instead converting it into solid biofuels.

Biofuels Junction, a Mumbai-based clean-energy venture, specialises in manufacturing and aggregating solid biofuels in the form of briquettes and pellets made from agricultural residues. These biofuels serve as an eco-friendly alternative to fossil fuels in various industries. In the fiscal year 2023, Biofuels Junction collaborated with over 28,000 farmers, benefiting 140,000 individuals, and leading to the avoidance of 100,000 tons of CO2 emissions and the recycling of 84.2K tons of agricultural waste.

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 “We are excited to welcome SEEAA and Disruptors Capital as new investors in our company”, said Ashvin Patil, co-founder, and CEO of Biofuels Junction. “This funding round will be instrumental to help us expand our current business and also launch a technology platform to better address the requirements of the biofuels value chain,” added Ashvin.

Gilles Vermot Desroches, Senior Vice President Corporate Citizenship Schneider Electric and President of SEEAA, stated, “There is a vast opportunity in India for solid biofuels sourced from agricultural residue to replace fossil fuels used in industries, leading to significant benefits to the environment (through CO2 savings) as well as social (through increased income for smallholder farmers and their families). We are happy to partner with Biofuels Junction who are doing this in an organised manner at scale.”

Deepak Sharma, Zone President – Greater India and CEO & MD, of Schneider Electric India (SEIPL), reiterated the business’s commitment towards the country’s net zero goals and said “Schneider Electric is relentlessly working towards closing the gap between progress and sustainability. We believe in collaborating with like-minded partners to accelerate the transition towards a net-zero future. Sustainability is a collective goal and will need collective action from all. Through such partnerships, we are not only empowering businesses to reach climate goals but also encouraging them to prioritise sustainable practices across the value chain. We see this as a proud step towards contributing to India’s net zero journey”

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