Schneider Electric’s Energy Access Asia Co-Leads Investment in Biofuels Junction
- ByStartupStory | September 9, 2023
Schneider Electric, through Schneider Electric Energy Access (SEEAA), a clean energy fund focused on Asia co-funded by Norfund, EDFI MC, and Amundi, has made an equity investment in Biofuels Junction.
Biofuels Junction, headquartered in Mumbai, is a clean-energy venture specializing in the manufacture and aggregation of solid biofuels in the form of briquettes and pellets derived from agricultural residues. These biofuels serve as replacements for fossil fuels in various industries.
Ashvin Patil, co-founder and CEO of Biofuels Junction, expressed excitement about SEEAA and Disruptors Capital joining as new investors in the company. He emphasized the significance of this funding round in expanding their existing business and launching a technology platform to better serve the biofuels value chain.
In the fiscal year 2023, Biofuels Junction collaborated with over 28,000 farmers, benefiting 140,000 individuals, and contributed to the avoidance of 100,000 tonnes of CO2 emissions and the repurposing of 84.2K tonnes of agricultural waste.
Deepak Sharma, Zone President – Greater India, and CEO & MD of Schneider Electric India (SEIPL), reaffirmed the company’s commitment to India’s net-zero goals. He stated that Schneider Electric is actively working to bridge the gap between progress and sustainability and believes in collaborating with like-minded partners to accelerate the transition towards a net-zero future.
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