VA Tech Wabag Limited (WABAG), a leading pure-play Water Technology Indian Multinational Group, has entered into an MoU with Peak Sustainability Ventures (PEAK) to establish 100 Bio-CNG plants at sewage treatment facilities across India and other mutually agreed-upon locations in the GCC, Africa, and European countries, the company on Monday announced through an exchange filing.
The parties aim to harness the unutilized potential of Sewage treatment plants and to generate Bio-CNG which can be used for mobility application in trucks and heavy duty vehicles, and for industrial applications, thereby reducing the need for fossil fuels.
The business potential for the establishment of 100 Bio-CNG plants is expected to be over USD 200 Million and this collaboration aims to generate over 73 Million Kgs of Bio-CNG per annum.
Shailesh Kumar, CEO-India Cluster at WABAG said, "WABAG has always been a frontrunner in terms of implementing sustainable solutions and in generating green energy. WABAG is already producing more than 40 MWh of green energy through its various installed plants. With this collaboration, we are taking a next step in our green energy segment to produce cleaner and greener fuel and to support country’s vision of Atmanirbhar Bharat. This aligns perfectly with vision of implementing sustainable solutions for a better life."
Samir Shah, Managing Partner of Peak Sustainability Ventures said, "we are excited to collaborate with WABAG in this initiative to establish a pathway for meeting India’s energy goals in a sustainable manner using methane generated by STP’s which would otherwise result in higher emissions and pollution. With our deep understanding of the energy space and our global network and relationships, we shall focus on bringing institutional capital to this pioneering initiative and work with WABAG to evaluate innovative technologies globally which can result in higher efficiency, improved process flow, hydrogen extraction and other ways to improve project outcomes."