JK Cement Limited has signed a long-term strategic MoU with Punjab Renewable Energy Systems Private Limited (PRESPL), to reiterate its commitment to sustainability. JK Cement has an ambitious target of reducing current emissions by more than 20 per cent till the financial year 2030. To this end, the two companies will undertake biomass and alternative fuels-based energy transition in JK Cement’s manufacturing units, as well as study and implement future technologies to enable decarbonisation and long-term renewable energy solutions.
Under the MoU, both companies will jointly ascertain new avenues for diversification of business including any acquisition that supports the bioenergy verticals to achieve the enunciated energy transition goals of JK Cement. The companies are expected to partner for bioenergy projects, handling of biomass-based product supply chains and work on biomass assessment studies for all ongoing and prospective plants.
In August 2021, under PRESPL’s Series-C funding round, Mitsui & Co. announced an investment of Rs 300 million in the company. Earlier, in September 2013, responsibility Investments AG had invested Rs 120 million in PRESPL’s Series-A funding round. In the Series-B funding round carried out by the company in April 2019, it received an investment of Rs 350 million from the Neev Fund (supported by the UK and Indian governments). In September 2019, PRESPL closed its Series-B round of funding after raising Rs 200 million from Shell Ventures B.V. While responsibility Investments AG and the Neev Fund are financial investors, Mitsui and Shell are strategic investors in PRESPL. In total, PRESPL has raised Rs 970 million in its Series A, B and C rounds of capital raise.