Green Energy Company Greenjoules Raises USD 4.5 M from Blue Ashva Capital

Greenjoules Pvt. Ltd., a Pune based green energy technology company, has raised its Series A round of USD 4.5M (INR 33 Crore) from Blue Ashva Capital through its Blue Ashva Sampada Fund. The funds raised are a combination of equity and debt and will be utilized to set

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Published - Thursday, 10 Jun, 2021

Green Energy Company Greenjoules Raises USD 4.5 M from Blue Ashva Capital

Greenjoules Pvt. Ltd., a Pune based green energy technology company, has raised its Series A round of USD 4.5M (INR 33 Crore) from Blue Ashva Capital through its Blue Ashva Sampada Fund. The funds raised are a combination of equity and debt and will be utilized to setup commercial scale waste to energy plants and invest into new R&D initiatives. The company was founded in 2018 and is led by V Radhika, VS Shridhar, S Viraraghavan and R Sethunath. The management team has a strong corporate background, having worked with Indian and Global multinationals for over two decades. Greenjoules specializes in making renewable Biofuels, commonly recognized as “Drop-in Fuels” or 2nd Gen. Biofuels. These are curated entirely from agricultural residue and renewable wastes from agro processing industries. The fuel can be used for industrial applications (to power Boilers, Gensets) and commercial applications (in Diesel powered vehicles). Although Biodiesel technology has been around for some time, one of the key barriers for adoption is that it depends on food products like edible oil, oil seeds etc. as raw material. Greenjoules Biofuels on the other hand use non-food and non-feed wastes as feedstock to manufacture Biofuels. The fuel is manufactured to the BIS1460 Standards that Petroleum Diesel follows. It can be used without any modification with the current Diesel engines, Gensets or Boilers in use. This makes Greenjoules Biofuels a direct replacement for Petroleum Diesel. The company is currently serving several large enterprise customers from its biorefinery in Chakan, Pune. It now plans to significantly scale up production by setting up a large facility near Pune to cater to the increasing demand of green diesel.