Indian Angels Network (IAN) says Carbon Masters UK, it’s newest portfolio company, has introduced India’s first branded bio-CNG ‘Carbonlites’ through Carbon Masters India Pvt. Ltd (CMI), providing clean energy for a cleaner India. Also supporting the new venture is Sangam Ventures, a seed and early stage sustainable technology fund.
Bengaluru (Bangalore) -based Carbon Masters India Pvt. Ltd (CMI) has raised an undisclosed amount of funding from the two independent venture funding organisations. CMI helps organisations to measure, manage, reduce and report their carbon emissions.
Established in 2012, CMI has pioneered the development of India’s first bottled bio-CNG brand Carbonlites, compressed natural gas (CNG) produced from the biomethanisation of organic waste streams.
CMI says that unlike LPG, Carbonlites is 100% carbon-neutral in use, suitable for CNG-fuelled transportation, cooking and industrial use. Also, the harvesting of waste-generated methane helps mitigate land-fill waste decomposition emissions.
Commenting on the announcement, Som Narayan Co-Founder, Carbon Masters said, “We are extremely thankful to Indian Angel Network and Sangam Ventures whose faith in our vision will take us a step closer to achieving our goals. Carbonlites can provide India with a lower cost, carbon neutral alternative to the use of fossil fuels. That it can also provide a more sustainable way of managing organic waste streams in Indian cities makes it a unique carbon mitigation solution. It will be invaluable in helping India achieve its climate change goals under the Paris Accord.”
The company is planning to utilize the funds in product developments, senior, marketing and engineering level hiring and project developments.
Nagaraja Prakasam, IAN investor and lead commented, “Carbon Masters is the first in the country to produce a branded bottled bio-CNG product unleashing the potential of bio-gas. Our portfolio company Saahas (Zero Waste) which manages 30 tons/day of Bangalore waste is to supply wet waste to Carbon Masters that will get converted to bio-CNG. This will power Saahas vehicles and another portfolio company Freshworld’s (Farm on eWheels) vehicles.”
Karthik Chandrasekar, Founder & CEO, Sangam Capital Advisors said, “India has barely used its biogas energy potential and the sector has suffered from poor corporate and investor interest while European markets have saturated their potential. The Carbon Masters’ team is focused on developing marketing and distribution linkages under the CarbonLites brand between producers of biogas (and organic-fertilizer) – farmers, municipalities and agro-industries (lot of whom flare the gas) and consumers for gas and fertilizer in both rural and urban markets. We believe they have found the key to institutionalization of the biogas sector in India!”
The Carbonlites service is currently only available in Bengaluru.
(Source: Carbon Masters; Indian news service BW Disrupt)