Schneider Electric, a leader in energy management and automation, has made an equity investment in Mumbai-based clean-energy firm Biofuels Junction, according to a press release.
The investment was made through Schneider Electric Energy Access (SEEAA), the Asia-focused clean energy fund, co-funded by Norfund, EDFI MC and Amundi. SEEAA, a EUR 21 million investment vehicle, seeks to invest in early-stage clean energy ventures in South and Southeast Asia.
Biofuels Junction manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues, as a replacement for fossil fuels in various industries.
Through this collaboration, Schneider Electric will enable Biofuels Junction to prevent stubble burning of agricultural waste and instead use the waste to convert it into solid biofuels.
“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,” said Gilles Vermot Desroches, president of SEEAA fund.