Green energy solutions provider Greenjoules raises Rs.33-Cr from Blue Ashva Capital

Greenjoules Pvt Ltd, a Pune-based green energy technology company, has raised INR 33 crore (USD 4.5 million) from Blue Ashva Capital. The funds were raised through a combination of equity and debt from Blue Ashva Sampada Fund and will be used to set up waste-to-energy plants and invest into R&D. Greenjoules specialises in making renewable biofuels, commonly recognised as drop-in fuels or second-generation biofuel, curated from agricultural residue and renewable wastes from agro processing industries. The fuel can be used for industrial applications (to power boilers, gensets) and commercial applications (in diesel-powered vehicles). Earlier, it had received funding support under the Seed Support System of the Department of Science and Technology, Government of India. The company has been funded earlier by MAPE, Bengaluru.