Schneider Electric, the leader in the digital transformation of energy management and automation, announced that it has made an equity investment in Biofuels Junction through Schneider Electric Energy Access (SEEAA), the Asia-focused clean energy fund, co-funded by Norfund, EDFI MC and Amundi, Through this collaboration, Schneider Electric is empowering Biofuels Junction in their business objective of preventing stubble burning of agricultural waste and instead using this waste and converting it into solid biofuels.
“We are excited to welcome SEEAA and Disruptors Capital as new investors in our company”, said Ashvin Patil, co-founder, and CEO of Biofuels Junction. E further added, “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.”
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Biofuels Junction is a Mumbai-based clean energy venture that manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, to be used as a replacement for fossil fuel in various industries. In FY23, Biofuels Junction sourced waste from over 28,000 farmers and impacted 140,000 beneficiaries, resulting in the avoidance of 100,000 tonnes of CO2 emissions and 84.2K tonnes of agricultural waste.
Gilles Vermot Desroches, Senior Vice President Corporate Citizenship Schneider Electric and President of SEEAA, stated, “There is a vast opportunity in India for solid biofuels sourced from agricultural residue to replace fossil fuels used in industries, leading to significant benefits to the environment (through CO2 savings) as well as social (through increased income for smallholder farmers and their families). We are happy to partner with Biofuels Junction who are doing this in an organized manner at scale.”
