Praj Industries on Friday (15 May) said it tied up with Sweden's Sekab E-Technology AB to produce advanced biofuels and bio-chemicals from forest residue as feedstock.Praj Industries and Sekab E-Technology AB, Sweden signed a cooperation agreement to upgrade and commercialize base technology to produce advanced biofuels and bio-chemicals from forest residue as feedstock. As a part of this cooperation, Praj will add significant value to Sekab's CelluAPP technology of converting forest residue in the form of softwood to ethanol, through Praj's proven capabilities to improve, optimize, integrate and scale up advanced biofuel technologies globally.
The Praj-Sekab partnership will facilitate CO2 reduction by offering Bio-mobility solutions for the transportation industry in the form of advanced biofuels produced from softwood. Praj's Bio-Mobility platform promotes the use of renewable resources to produce low carbon transportation fuel modes of mobility, namely surface, air and water.
Speaking on the partnership, Pramod Chaudhari, the executive chairman of Praj Industries, has said that, "We are pleased to extend our enfinity platform to now process forest residue as feedstock based on Sekab's CelluAPP technology. This partnership will offer sustainable decarbonization solutions through a circular bio-economy. He further added that this association with Sekab, one of Europe's leading chemical and environmental technology companies will help fulfill RED-II mandate and LCFS. This agreement will provide a strong platform to service emerging opportunities in Sustainable Aviation Fuel (SAF) as well as renewable chemicals, strengthening India's position in the advanced biofuels market globally."
On a consolidated basis, Praj Industries net profit declined 7.85% to Rs 20.67 crore on a 9.07% fall in net sales to Rs 300.34 crore in Q3 December 2019 over Q3 December 2018.
Praj Industries is a global process solutions company driven by innovation and integration capabilities, offers solutions to add significant value to bio-energy facilities, Compressed biogas plants, critical process equipment & skids, brewery plants, industrial wastewater treatment systems and HiPurity water systems.
Shares of Praj Industries slipped 0.44% to Rs 56.25 on BSE. The stock traded in the range of Rs 52.70 to Rs 57.50 so far.
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