Mitsui & Co Ltd announced that it will invest $4.1 million in Punjab Renewable Energy Systems Pvt Ltd (PRESPL), an Indian biomass supply-chain management firms.
PRESPL is active in agricultural residue collecting, storage, and processing. According to a statement, it produces biomass briquettes and pellets to suit India’s fast rising bio-energy industry’s growing demand for biomass fuel. It also offers the industry a variety of operation and maintenance, as well as other technical services.
The collaboration with Mitsui will also be beneficial for India as it will allow PRESPL to build its company by merging Mitsui’s areas of expertise and broad business portfolio. The investment is in line with one of Mitsui’s major goals, which is to create a more sustainable society while also expanding the company’s bio-energy business in India and around the world.
Mitsui’s investment will also assist PRESPL in expanding its reach and accelerating the company’s growth in India and abroad. The companies aim to address climate change by better utilising biomass agri-waste for bioenergy. Mitsui is a multinational trade and investment firm with operations in Asia, Europe, North, Central, and South America, the Middle East, Africa, and Oceania, with a diversified business portfolio spanning roughly 65 countries.