Energy management and automation major, Schneider Electric announced today that it has made an equity investment Biofuel Junction through Schneider Electric Energy Access (SEEAA), an Asia-focused clean energy fund, co-funded by Norfund, EDFi MC and Amudi.
Biofuel Junction is a Mumbai-based clean-energy venture that manufacturers and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, to be used as replacements for fossil fuels in various industries.
This collaboration will empower Biofuel Junction in their business with the objective of preventing stubble burning of agricultural waste by converting it into solid biofuels.
“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,” said Ashvin Patil, co-founder, and CEO of Biofuels Junction
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 “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.”
In FY23, Biofuels Junction sourced waste from over 28,000 farmers and impacted 140,000 beneficiaries, resulting in the avoidance of 100,000 tons of CO2 emissions and 84.2K tons of agricultural waste.
