GPS Renewables Raises Funding for Expansion in Renewable Oil and Gas

GPS Renewables (GPSR), a prominent player in the renewable oil and gas sector, has successfully raised Rs 635 crore in a Series C funding round from various investors. PixelSky Capital led the Rs 125 crore equity funding round, with participation from Spectrum Impact Family Office and several other investors. In addition, the company secured Rs 200 crore in equity for its asset-holding platform, Arya, from a significant Korean conglomerate, following a prior Rs 310 crore investment from Sojitz Corporation for its asset platform business.

Investment Focus and Growth Plans

The newly acquired funds will be instrumental in bolstering GPS Renewables’ next growth phase, allowing for an expansion of its bioenergy infrastructure portfolio and financing ongoing and future projects through GPSR Arya, as stated in a press release.

Expertise and Project Achievements

Based in Bengaluru, GPS Renewables has honed its expertise over the past decade across various domains such as technology, engineering, EPC, operations, maintenance, and project development. The company employs over 800 individuals and generates an annual revenue of around Rs 1,000 crore. It has successfully delivered numerous projects, including solid waste-based compressed biogas (CBG) plants located in Indore and Barabanki.

Confidence in Renewable Natural Gas

GPS Renewables noted that this investment signifies a growing trust in the renewable natural gas field and will bolster the company’s capacity to handle a swiftly growing project portfolio. Currently, the company claims to have more than 30 operational or nearing completion projects, alongside visibility on over 200 CBG projects being developed with oil marketing firms.

Innovating Clean Energy Solutions

Moreover, GPS Renewables recently obtained an EPC contract from NTPC to construct India’s inaugural Ethanol-to-Jet Sustainable Aviation Fuel facility, further solidifying its position in India’s clean energy transition.