Sustainable waste management firm Blue Planet Environmental Solutions on Thursday said it has finalised the acquisition of Mahindra Waste to Energy Solutions Limited (MWTESL), a unit of India’s Mahindra Group, strengthening the Singapore-based firm’s presence in India.
MWTESL specialises in converting municipal wet waste into bio-CNG through bio-methanation, complementing Blue Planet’s expertise in carbon capture and utilisation technologies, the company said in a statement.
“Together, we will penetrate new regions and deliver integrated waste management and renewable energy solutions. This partnership undoubtedly strengthens our capabilities and impact in the region,” Blue Planet Co-Founder & CEO Prashant Singh said.
Founded in 2017, Blue Planet provides technology-driven and IP-based end-to-end solutions for waste management and upcycling.
In December, Blue Planet secured a $35-million term loan facility from The Investment Fund for Developing Countries, an independent fund owned by the government of Denmark. The investment was made to support Blue Planet’s operations in India, especially in the areas of landfill reclamation and e-waste recycling.
The company’s regulatory filings show that it plans to use $12 million from the proceeds to acquire India-based electronic waste processing firm Pegasus Waste Management Private Limited. Blue Planet has earmarked another $1 million for Pegasus’s working capital requirements and expansion.
The Singapore-based company will invest the remaining $22 million in Zigma Global Environ Solutions, an Indian company it first backed in 2020.
Blue Planet had previously acquired waste management companies Qube Renewables and Wah & Hua and disaster management firm Disaster Restoration Singapore in 2021.
Concerns around global warming and the growing need for sustainable solutions to address climate change have drawn significant investor interest and funding in recent times.
Climate-tech investments in India touched $1.2 billion between 2016 and 2020, with a focus on renewable energy and electric mobility. However, to achieve India’s net-zero emissions goal by 2070, the country needs to scale up climate investments from $18 billion per year to $170 billion per year, according to the International Finance Corporation.
India is witnessing a rise in active VCs in the climate-tech space including Avaana Capital, Blue Ashva Speciale Invest, Climate Seeds Fund, Transition VC, and Climate Angels, among others.