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Shell India invests in $7.7 million in biomass firm

Shell India invests in $7.7 million in biomass firm

AUG 30, 2019

Shell India has made a $7.7 million (€6.9 million) investment in a local biomass firm. Punjab Renewable Energy, backed by Neev Fund and responsibility, will use the fresh investment to expand its business in the bioenergy sector.

The company was established in 2011 and is involved in the collection, processing, storage and supply of biomass including paddy straw, cotton stalk, soya husk, maize cob and mustard stalk, which it provides to clients for energy or conversion into biofuels, according to a report by VCCircle.

Nitin Prasad, chairman of Shell India, said: “Shell is keen to play an active role in the energy transition in India and interested in supporting economic growth with more and cleaner energy solutions.

SOURCE

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