Pune based Greenjoules raises $4.5 Mn from Blue Ashva Capital

Blue Ashva Capital has invested $4.5 million (Rs 33 crore) in Greenjoules Pvt Ltd, a Pune-based green energy technology through its Blue Ashva Sampada Fund.

The funds raised are a combination of equity and debt and will be utilized to set up commercial-scale waste to energy plants and invest in new R&D initiatives.

Speaking on the funding, Mr. V S Shridhar, Co-Founder and CEO of Greenjoules Pvt Ltd said, “Greenjoules’ vision of being a major player in the waste-to-energy market gets a boost with this investment from Blue Ashva Capital.  With this, we are well placed to play a significant role in serving the Large Industrial market, which has Board mandates to switch to environmentally friendly fuels. The 2018 Govt of India Biofuels policy intends to convert 5% of all Diesel being consumed to Biofuels by 2030. This will further add opportunities for us in the years to come.”

Commenting on the investment, Satya Bansal, Founder, Blue Ashva Capital, Said, Just imagine bio-wastes being converted into diesel for our cars, commercial vehicles, and industrial applications and that too without any retrofit or modification required. This usher in a new era of green diesel with a positive impact on the environment and economy. We are excited to work with Greenjoules to bring this novel green diesel to market.”

Adding to the statement, Mr. S Viraraghavan, Founder and Director of Greenjoules Pvt Ltd said, “Investment by Blue Ashva is a big milestone for Greenjoules. We can now focus not only on growing our current product range but also on developing a portfolio range of high-energy-density liquid and gaseous biofuels.  It is also an opportunity to commercialize such fuels manufactured from the extraordinary range of agro wastes available in India.”