Punjab Renewable Energy Systems, which is a biomass energy company has how secured private equity investment from the Shell, which takes it to the Series B funding round to INR 55 crore.
The company secures its Series A round of funding in the month of September 2013 from a private equity funding followed by a Series B from the Neev Fund in April this year. The follow on fund investment by the Shell in Series B into the PRESPL makes this round fully subscribed as well.
PRESPL, which is an end to end bio-energy solutions company, has now collaborated with the other firms for the manufacturer of the biofuels such as Drop-in Fuels, BIO—NCG, Bioethaanoll, etc.
“The investment from Shell will be utilized for business expansion in the bio-energy sector and biomass supply chain management space in India.”Monish Ahuja, MD, PRESPL said,
“These partnerships help deliver the solutions society will need to meet energy demand while reducing carbon emissions. PRESPL’s biomass collection expertise supports rural development and contributes to sustainable economic development. Shell is keen to play an active role in the energy transition in India, supporting economic growth with more and cleaner energy solutions.”Nitin Prasad, Chairman, Shell Companies in India
The company was founded in 2011. It has been catering to the biomass requirements of independent power plants, industrial process plants, captive and co-generation power plants.
PRESPL has also ventured into some of the value addition of activities with a straight integration of businesses such as investment in builder assets, briquetting, and steam energy generation and sale as well.