Global energy major Shell makes Series-B funding in PRESPL
Global energy major Shell, along with SBI Ventures Neev Fund has jointly made a Series-B funding of Rs 55 crore in Mumbai based bio-energy company- PRESPL.
This is the first investment of the Anglo-Dutch behemoth in Indian a bio-energy firm, and has been directly cleared by the Shell management in the Netherlands. Shell clocked $ 388.4 billion in revenues for 2018.
Given PRESPL’s expertise in handling agriculture generated biomass, the investment is expected to tackle the issue of winter stubble burning in a small way.
PRESPL, which stands for Punjab Renewable Energy Systems Pvt. Ltd has a defined strategy for biomass aggregation and logistics. It also has a long experience in briquetting industry and running co-generation power plants.
