Mumbai,  05 Aug – Mitsui & Co., Ltd. (“Mitsui”, Head Office: Tokyo, President and CEO: Kenichi Hori) announced today that it will invest INR300 million (approximately USD4.1 million) in Punjab Renewable Energy Systems Pvt. Ltd. (PRESPL), one of the leading biomass supply-chain management companies in India.

PRESPL is involved in the collection, storage and processing of agricultural residues and the production of biomass briquettes and pellets to meet the growing demand for biomass fuel from India’s rapidly expanding bio-energy industry. PRESPL also provides a range of operation & maintenance, and other technical services, to the industry.

One of the major causes of air pollution in India today is the practice of burning straw stubble and other agricultural residues left after crops have been harvested. To help address this problem, the Government of India has introduced policies to promote the effective utilization of agricultural residues as a primary and supplementary fuel stock for the bio-energy industry. These policies are expected to contribute to the continued expansion of the bio-energy industry in India, as part of a flourishing circular economy.

Masaharu Okubo, Country Chairperson of Mitsui & Co. India Pvt. Ltd. said:

“We look forward to working together with PRESPL to grow its business by combining our respective areas of expertise and leveraging synergies with Mitsui’s diverse business portfolio.

The growth of PRESPL will contribute significantly to reducing air pollution and carbon emissions in India by effectively using agricultural residues as a fuel-stock for the bio-energy industry and providing a more sustainable alternative to fossil fuels. We, at Mitsui are grateful to be able to join PRESPL and contribute to the betterment of Indian society and other related stakeholders.

 This investment is aligned with one of Mitsui’s important goals to create a more sustainable society, while furthering the expansion of our bio-energy business in India and around the world.”

 Lt. Col. Monish Ahuja (Retd), Chairman & Managing Director, PRESPL said:

“On behalf of Team PRESPL and existing shareholders, I am delighted to welcome Mitsui as an investor and strategic partner. This investment from Mitsui will help PRESPL expand our footprint and accelerate the growth of the business as a market leader in India and overseas. In partnership with Mitsui, we aim to make a meaningful contribution to tackling climate change through the better utilization of biomass agri-waste for bioenergy.”

 Intellecap’s Investment Banking Group was the exclusive and sole advisor to the PRESPL transaction across Series A, B and now Series C.

 Gagandeep Bakshi, Director, Investment Banking, Intellecap said:

 “We are seeing a clear shift towards cleaner fuel across industries with Agri residue becoming a substitute and creating significant demand of ~600 million MT by 2031. PRESPL’s pioneer business model directly contributes to increasing farmer incomes by providing an additional source of revenue through sale of the feedstock which otherwise is destroyed. We are proud to be associated with PRESPL as an exclusive advisor since their Series A”