SBICap Ventures’ Neev Fund is set to infuse about $5 million in renewable energy firm Punjab Renewable Energy Systems (Prespl) to acquire a significant minority stake in what would be the Series-B funding round.

Prespl has also commitments of an additional $3-5 million funding in the same Series-B round from a different investor. Prespl, which was incorporated in 2011 to exclusively cater to the biomass fuel needs of Punjab Biomass Power, has expanded its operations into different verticals over the past few years.

The company aggregates, processes, stores and supplies biomass (agri-residues) such as paddy straw, cotton stalk, soya husk, maize cob, mustard stalk, etc, to biomass-based power plants and process industries. It also processes agri-residues into biomass briquettes – compressed blocks of biomass which is compatible with transportation over long distances – and supplies to process industries such as breweries and beverage plants.

SBICap Ventures’ Neev Fund to invest $5 million in renewable energy firm Prespl
By: Bhavik Nair | Published: March 1, 2019 4:25 AM
The company aggregates, processes, stores and supplies biomass (agri-residues) such as paddy straw, cotton stalk, soya husk, maize cob, mustard stalk, etc, to biomass-based power plants and process industries.

Prespl has also transitioned into a steam energy supply company where it provides uninterrupted steam to process industries at pre-decided rates throughout the year.
SBICap Ventures’ Neev Fund is set to infuse about $5 million in renewable energy firm Punjab Renewable Energy Systems (Prespl) to acquire a significant minority stake in what would be the Series-B funding round.

Prespl has also commitments of an additional $3-5 million funding in the same Series-B round from a different investor.
Prespl, which was incorporated in 2011 to exclusively cater to the biomass fuel needs of Punjab Biomass Power, has expanded its operations into different verticals over the past few years.

The company aggregates, processes, stores and supplies biomass (agri-residues) such as paddy straw, cotton stalk, soya husk, maize cob, mustard stalk, etc, to biomass-based power plants and process industries. It also processes agri-residues into biomass briquettes — compressed blocks of biomass which is compatible with transportation over long distances — and supplies to process industries such as breweries and beverage plants.

Monish Ahuja, managing director and chief executive at Prespl, said the company was expecting a significant boost in its revenues in coming times as it expected signing a number of contracts with many oil marketing companies.

“Hindustan Petroleum Corp Ltd (HPCL) is coming up with a plant in Punjab while Bharat Petroleum Corporation Ltd (BPCL) with a plant in Orissa. We are the company that has qualified in the global tenders for the supply of raw materials and expect the contracts to be signed in March. Besides these, there are many other contracts that we are following and believe ourselves to be the front-runner,” Ahuja said.