GPS Renewables bags orders worth 2000 crore for compressed biogas projects across India – EQ
In Short : GPS Renewables secures orders worth ₹2,000 crore for compressed biogas projects across India. This significant development underscores the growing momentum in renewable energy initiatives and highlights the increasing focus on sustainable and clean energy solutions.
In Detail : The compressed biogas plants will process 4,000 tonnes per day of agri-residue and energy crop.
GPS Renewables, India’s premier full-stack technology and engineering company dedicated to clean fuels, has secured orders worth Rs 2000 crore to undertake multiple compressed biogas (CBG) projects.
The compressed biogas plants will process 4,000 tonnes per day of agri-residue and energy crops, with an additional 300 tonnes per day of municipal solid waste processed for biogas, preventing landfill accumulation. These initiatives collectively project a minimum daily output of 350 tonnes per day. With this order book, the company is on track to cross a turnover of Rs 500 crore in FY 23–24.
In the preceding financial year, GPS Renewables achieved a total turnover of Rs 153 crore, reflecting a significant increase of over 100 per cent compared to the previous fiscal year. Accompanying this growth, the company increased its employee strength from 72 to 175, currently employing 356 full-time professionals. Despite rapid expansion, GPS Renewables maintained profitability, reporting an EBITDA of Rs 17.5 crore with a PAT of Rs 11 crore in FY22–23.
Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “From inception to date, we have focused on building a profitable solution to tackle India’s waste-to-bioenergy challenge. Today, our company has an order book of Rs 2,000 crore from leading conglomerates in the country.”
Looking ahead, through its climate infrastructure platform, GPSR Arya, the company plans to develop its own compressed biogas projects via a joint venture with Indian Oil Corporation (IOCL). Additionally, through its research and development arm, GPSR Aavishkar, the company is conducting cutting-edge research in developing anaerobic fungi for lignocellulosic biomass (plant-based dry waste) along with engineering multi-feedstock-compliant digester technologies. Further, GPS Renewables is investing in developing technologies and projects to supply sustainable aviation fuel.
