Pune based My Eco Energy, a bio diesel manufacturing company is setting up a fuel producing unit and network of fuel stations across Maharashtra.
The company is investing Rs 250 crore for this venture. The company will be engaged in the manufacturing, distribution, marketing and retailing of waste to bio-diesel, a non-petroleum based fuel.
The fuel is made from various feed stocks including waste vegetable oils and non-edible oils like used cooking oil and acid oils (a waste from edible oil manufacturing process) and tallow.
Commenting on this, Santosh Verma, director, My Eco Energy said, "My Eco Energy will revolutionize the Indian Fuel Industry with its pioneering waste to-bio diesel technology. Looking at the current scenario of the dependency on non-renewable fuel systems, there is a growing demand for a non-petroleum based fuel. It is this demand that bio-diesel by My Eco Energy addresses. It is an environmentally safe, low polluting fuel suitable for most diesel engines."
He added, "Derived by the best quality methods, it can be used either alone or as a fuel blended with conventional petro-diesel in unmodified diesel-engine vehicles. Bio-diesel can be efficiently utilized by public road transport companies like all the state road corporations or private bus transport companies; and can be employed across various machinery equipment like electricity generators, industrial boilers & furnaces. It can also be used for vehicular mediums like cars, buses, trains and tractors." The company has identified three locations for the manufacturing unit in Maharashtra.
Also, MEE will expand its footprints in other states like Andhra Pradesh and Punjab in due course of time. For technology support, it has tied up with Austria based company Energia. My Eco Energy will use the expertise of London based Go Fuels which has been acquired by MEE promoters last year for Rs 50 crore.
MEE's the first fuel pump will be operational by end of December 2013 in Pune and Pimpri And by end of 2014, all 250 pumps will be operational.