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UTI Ventures has made Rs 32 crore investment in an alternative energy firm PESCO BEAM Environmental Solutions Pvt Ltd. The company is involved in the 'waste management' (waste oil recycling and recovery) and alternate energy systems. This is a proprietary deal sourced by UTI Ventures, as in no intermediaries are involved. S N Rajesh, Director, will represent UTI Ventures on the Board of PESCO BEAM.
PESCO BEAM is one of the leading manufacturers of turnkey skid mounted waste recovery and recycling plants, a release said. It has developed technologies in various environmental fields primarily in areas of waste management and alternate fuels. It is involved in the design, engineering, manufacturing and installation of equipment sub systems as well as complete turnkey plants for both waste management and the alternative fuels industry. It has customer across the globe. The company's order book is worth $200 million.
PESCO BEAM was co-founded by Luke Staengl and A Subramaniam, both veterans in the process equipment industry. The company operates out of offices and manufacturing facilities in Virginia (USA) and Chennai (India).
Raja Kumar, CEO and M.D, UTI Ventures, said PESCO BEAM will be their fifth investment relating to alternative energy. They have invested earlier in Naturol bio energy, Shriram EPC, IND Barath Power and Shree Renuka Sugars.
Alternative energy is the new focus area for many investors. Kleiner Perkins Caufield & Byers recently announced a partnership with Al Gore's Generation Investment Management for investing in greentech enterprises. Both the firms are keenly looking at early stage and late stage Indian ventures in the cleantech and alternative energy space.
Cleantech space include renewable energy, energy efficiency, low carbon technologies such as batteries, carbon capture, and storage, hydrogen and other clean fuels, and electricity grid improvements.