Bioenergy technology firm GPS Renewables has raised funds in series B funding round from Neev Fund II, managed by SBICap Ventures.
With this fundraise the company plans to use the funds towards R&D and to support GPS Renewables’ next phase of growth and expansion.
With this round, GPS has raised a total of approximately $20 million in equity. The first round in September 2020 was led by Netherlands-based Hivos-Triodos Fund and Hyderabad-based Caspian Impact Investments.
“Untreated organic waste streams, ranging from urban waste to paddy straw, are one of the biggest contributors to global warming and it poses serious health concerns for the current and future generations alike. Climate positive solutions to these problems are the need of the hour, and that’s where GPS’ bioenergy solutions suite comes in. We are excited to partner with Neev II as we further strengthen our mission towards making the world cleaner and more sustainable. This partnership will help accelerate our growth while capitalising on the organic feedstock to bioenergy market”, said, Mainak Chakraborty, Co-founder and CEO of GPS Renewables.
Bangalore-based clean-tech firm GPS Renewables was founded in 2012 by Sreekrishna Sankar & Mainak Chakraborty, GPS Renewables is a Renewable Energy Semiconductor Manufacturing company that helps to solve the urban waste problem by utilizing its technologies and business models.
This investment into GPS resonates with our mission to decarbonize and to support the next generation of climate entrepreneurs”, said, Manav Bansal, CIO, Neev Funds.
GPS Renewables started with a biogas product called ‘BioUrja’.But today the company has 100+ BioUrja installations across South Asia. The company has Fortune around 500 companies such as Microsoft, Intel, Bosch, Cent, Reliance, and many other leading hospitality chains such as Oberoi, Taj, ITC, Marriott, and Accor Group as its clients.
“Neev is proud to partner with GPS in their journey to help the world transition to a more sustainable way of living”, said, Akshay Panth, Principal, Neev Funds.
The company says that our goal is to convert the world to a cleaner and more sustainable lifestyle. We currently deploy state-of-the-art biogas technologies to solve the organic waste management challenge and accelerate the replacement of fossil fuels with bioenergy. They have successfully expanded their capacity by more than 5000 times over the years, the company said in a statement.
It has firmly established itself as the go-to project integrator in the bioenergy space, which includes BioCNG, Bioethanol, and Green Hydrogen.