Ossus Biorenewables Raises $2.4 Mn In Pre-Series A Round
Ossus Biorenewables, a Bengaluru-based green energy startup, has raised $ 2.4 million in a pre-Series A round from Gruhas and Rainmatter Climate.
As per the startup, the freshly raised funds will be used to scale up the manufacturing of its bioreactors, product development and geographical expansion across South Asia, Europe, and the US.
Ossus Biorenewables | Bio-energy Firm
Founded by Suruchi Rao, Shanta Rao, and Kamar Suhail Basha in 2017, Ossus Biorenewables is a bio-energy firm utilizing the chemical content of oil and gas industry effluents as a source of decentralized power.
The firm has developed bioreactors to use waste carbon in industrial effluents as the raw material for the production of green hydrogen.
Speaking on the funding round, Suruchi Rao, Co-founder and CEO of Ossus Biorenewables, said,
“We are proud of the trust placed in us by our investors to revolutionize the green hydrogen space. We are currently the only company in India producing and supplying hydrogen at less than a dollar per kilogram using wastewater. With the fresh infusion of funds, we will be poised to exponentially scale up the manufacturing of the HydraCel bioreactors, build enhanced bio-capability with state-of-the-art instrumentation, and most importantly, expand across South Asia, Europe, and the US.”
Currently working with steel, starch and energy companies to produce hydrogen gas, the bio-energy firm plans expansion across other process industries. The Bengaluru-based green energy startup aims to produce three to five tons of green hydrogen each day before the end of the year.
Commenting on the development, Abhijeet Pai, Co-Founder of Gruhas, stated that the investment in Ossus Biorenewables aligns with Gruhas’s commitment to supporting companies that have a positive impact on the environment while also promoting young entrepreneurs.
Abhijeet added,
“We believe that their green hydrogen solutions from effluent is a game changer innovation that can disrupt and help transition to a more sustainable future. We are excited to be a part of that journey with Ossus.”
Last month, Aerem, a solartech platform, raised $5 million (Rs 41 crore) in a pre-Series A round led by climatetech investor Avaana Capital to expand its suite of solartech and financing solutions and build an ecosystem that brings together all the stakeholders
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