Ossus renewables bags funding from Nikhil Kamath’s Gruhas to produce green hydrogen.
Cleantech startup Ossus Biorenewables has raised $2.4 Mn in its pre-Series A round from Gruhas, cofounded by Zerodha’s Nikhil Kamath with Puzzolana’s Abhijeet Pai, and Rainmatter Climate.
Ossus will use the fresh funds to accelerate the deployment of its bioreactor, OB HydraCel, across sectors like refining, foods, brewing, chemicals and pharmaceuticals. It aims to produce 3-5 tonnes of green hydrogen every day before the end of 2023.
The fresh capital will also be used for investing in advancing bio-capabilities and expanding across South Asia, Europe and the US, the Bengaluru-based startup said in a statement.
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Founded in 2017 by Suruchi Rao, Shanta Rao and Kamar Suhail Basha, Ossus’ AI-powered bioreactors absorb carbon from wastewater produced by industries and supply them with green hydrogen gas. The bioreactors mainly use microorganisms sourced directly from wastewater as catalysts for green hydrogen production.
Rao, Ossus CEO said:
We are proud of the trust placed in us by our investors to revolutionise the green hydrogen space.
“We are currently the only company in India producing and supplying hydrogen at less than a dollar per kilogram using wastewater.”
The startup currently works with steel, starch and energy companies and helps them produce hydrogen gas at a cost of less than $1 per kg.
Kamath, cofounder of Gruhas, Zerodha, and True Beacon said:
As the world moves towards more sustainable and environmentally friendly energy sources, Ossus Biorenewables is at the forefront of providing clean, green energy solutions.
“We are optimistic about India’s green energy future and look forward to supporting Suruchi and the entire team at Ossus.”
Green hydrogen is a sunrise sector, with the government also promoting its production to cut India’s carbon emissions, besides producing jobs and bringing in investments. Earlier this year, the Union Cabinet approved the Green Hydrogen Mission with an outlay of INR 19.744 Cr from FY24 to FY30. It targets green hydrogen production capacity of 5 million metric tonnes per annum by 2030.
As per a report by the NITI Aayog, India’s green hydrogen market is likely to become a $8 Bn space by 2030.
Highlights:
- The Bengaluru-based startup, founded in 2017, has raised $2.4 Mn from Gruhas and Rainmatter Climate
- Ossus Renewables will use the fresh funds to accelerate the deployment of its bioreactor, OB HydraCel, across sectors like refining, foods, brewing, chemicals and pharmaceuticals
- The startup will also use the capital for investing in advancing bio-capabilities and expanding across South Asia, Europe and the US
Ossus Renewables Bags Funding From Nikhil Kamath’s Gruhas To Produce Green Hydrogen, April 5, 2023
