IOC and GPS Renewables team up for sustainable energy solutions.

By Oliver Townsend Jun 19, 2024
IOC, GPS Renewables form joint venture for sustainable energy solutions.jpegOrginal image from: https://www.business-standard.com/companies/news/ioc-gps-renewables-form-joint-venture-for-sustainable-energy-solutions-124061900854_1.html

Indian Oil Corporation (IOC) has recently announced a joint venture with GPS Renewables Pvt Ltd, a biofuels company, to promote sustainable energy solutions in India. This partnership aims to establish a 50:50 joint venture company dedicated to advancing biofuel adoption across the country. The agreement was signed by Mainak Chakraborty, CEO & co-founder of GPS Renewables, and Santanu Gupta, ED (Alternative Energy) at IOC.

Advancing Sustainable Energy Solutions

The joint venture between IOC and GPS Renewables focuses on integrating advanced biogas technologies to convert organic waste into compressed biogas (CBG), a cleaner and renewable energy source. This initiative aims to significantly reduce greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels. By combining their expertise, both companies aim to accelerate the deployment of CBG plants nationwide.

Supporting Low-Carbon Development

These efforts align with IOC’s long-term low-carbon development strategy, aiming to achieve net zero carbon emissions by 2046. By investing in CBG production, the joint venture will help reduce India’s dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.

Expanding Biofuel Projects

As India’s largest oil refining and fuel marketing company, IOC brings its industry experience and infrastructure to support the joint venture. On the other hand, GPS Renewables specializes in biofuels technology and project solutions, making it a valuable partner in advancing climate-positive biofuel projects. Together, they plan to scale up CBG production and establish more plants across the country.

Conclusion

The collaboration between IOC and GPS Renewables signifies a significant step towards sustainable energy solutions in India. By leveraging their combined strengths and expertise, the joint venture aims to make a positive impact on the environment, reduce carbon emissions, and promote the use of renewable energy sources. This partnership exemplifies the importance of industry collaboration in driving innovation and creating a more sustainable future for energy production and consumption.

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