Bengaluru, September 18, 2024: Amid India’s ambitious push to bolster its renewable energy ecosystem, Bengaluru-based cleantech startup GPS Renewables has partnered with full-stack technology and engineering company STEER Engineering to develop made-in-India bio-CNG processors.
STEER Engineering, founded in 1993, is a global leader in advanced materials platforms for industries such as pharma, packaged foods, nutraceuticals, biomaterials, and bio-refining. The company boasts a strong track record with clients in over 50 countries and holds over 90 granted patents.
Under the partnership, STEER Engineering will design and develop bio-processors with a capacity of 2.5 tons per hour, specifically tailored for agro-residue and biomass feedstocks like paddy straw, mustard stalk, cotton stalk, maize, and Napier grass. These processors will optimize preconditioning of the feedstocks, leading to enhanced biofuel yields.
GPS Renewables, founded in 2012, offers comprehensive solutions for the development, production, and distribution of biofuels. The company has successfully built over 100 biogas plants and has a current order book worth $240 million. Additionally, it has signed multiple MoUs totaling $540 million for the execution of compressed biogas plants across India.
In April 2024, GPS Renewables secured $50 million (approximately INR 410 crore) in debt funding from a consortium of banks and non-banking financial companies (NBFCs), including Punjab National Bank, HDFC Bank, Yes Bank, Northern Arc, Spark Capital, Tata Capital SIDBI, and others.
This partnership aligns with India’s broader goal of becoming a developed nation by 2047. As a country heavily reliant on imported oil and gas, India is actively transitioning towards a more sustainable and energy-independent future.
The government’s strong focus on renewable energy projects, coupled with the increasing investor interest in cleantech startups, has created a favorable environment for companies like GPS Renewables and STEER Engineering to contribute to India’s green energy revolution.
