Greenjoules raises $6.5M Series B from Amazon, Singularity for green fuels
What's the deal? Pune-based green energy startup GreenjoulesDealroom has a profile for this one. Try Dealroom → has raised about ₹62 crore ($6.5 million) in an apparently ongoing Series B round. Amazon's investment arm, Amazon.com NV Investment Holdings, led the round, with Singularity AMCDealroom has a profile for this one. Try Dealroom →'s Singularity Strategic Autonomy Fund participating.
The details: Per MCA filings accessed by Inc42, Greenjoules allotted 40,338 Series B1 compulsorily convertible preference shares at ₹11,155.5 each — worth ₹45 crore — to Amazon.com NV Investment Holdings. Singularity received 15,238 such shares for about ₹17 crore. The startup declined to comment on the round's total size.
What's the endgame? Founded in 2018, Greenjoules converts farm residues into renewable fuels that work in existing diesel engines and industrial equipment, substituting crude oil with agricultural waste. It is developing green fuels for sustainable aviation fuel, green hydrogen, and biomethane.
Before this round, the climatetech startup raised $4.5 million in equity and debt from Blue Ashva CapitalDealroom has a profile for this one. Try Dealroom → in 2021 to build commercial-scale waste-to-energy plants and fund R&D.
Why now? Investor interest tracks India's push to scale renewable fuel sources toward its net-zero goals. The country aims to reach net-zero carbon emissions by 2070, a target Prime Minister Narendra Modi announced at the COP26 summit in Glasgow.
The signal: At $6.5 million, the round sits at the smaller end of venture deals — but it lands as India's cleantech market is projected to reach $152.5 billion by 2030, opening room for both emerging and established players.
Read more: Inc42
Image credit: Idaho National Laboratory
