MicroBite, a sister concern of startup ThePhiFactory, has announced it has raised $1.5 million from Vijay Madduri, the ISL winning Hyderabad FC’s co- owner and other angel investors.
The funds raised will be deployed for establishing a bioethanol plant that utilises its proprietary ‘counter-flow multistage extractive fermentation’ technology in producing BioEthanol with improved chemical kinetics. The startup is also aiming to further its R&D findings for extension of this technology to other potential applications such as Beverages, Active Pharmaceutical Ingredients, BioPlastic industries, it said in a press statement.
In India, majority of BioEthanol production plants follow the first generation based batch processes in producing bioethanol, which is not only time-consuming but also capital intensive. Greater requirement for manpower, safety and environmental compliances further add to this challenge. This is where MicroBite’s micro-reactors technology is proving to be a game-changer, it said. With its control over the reaction process, the company can significantly improve the reaction speed of bio-reactions while also bringing down the CAPEX to an approximate of 25 percent of the market average price, it said.
India imports 82 percent of its crude oil that accounts to nearly $100 billion a year. In accordance to the India’s ambitious AtmaNirbhar Bharat ( Self Reliance ), the government of India announced the blending programme to cut down the imports by upto 20 percent by 2025.
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Praveen Gorakavi, CEO, Microbite said, “With the infusion of additional incentives by the Government of India via National Ethanol Blending Programme, the Ethanol market in India is set to grow 250 percent by 2025-26. There is a wide gap between demand and supply, provoking an ‘Ethanol Rush’.
"We have developed a technology that not only makes it possible to setup a production plant at reduced capital costs, but also operates with improved chemical kinetics; while also giving an option of raw material switch ability. We can switch our fermenters between grains-based and molasses- based, even while during the operation without needing maintenance time off,” he added.
Vijay Madduri, the leading investor who co-owns the Hyderabad Football Club, said “BioEthanol will be a major contributor towards environmental sustainability in the future.”
