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Business Wire India - Multimedia: Digest for December 28, 2023

Business Wire India - Multimedia

Multimedia By Business Wire India

Ecoil Secures INR 3 Cr in Funding Round Led by The Chennai Angels

Wednesday 27 December 2023 04:30 AM UTC+00
Business Wire India

Ecoil, a pioneering eco-friendly gasoline production startup, has secured INR 3 Crores in a funding round led by The Chennai Angels, with participation from AIC Banasthali Vidyapith Foundation, Shell India, and other high-net-worth individuals.
 
Founded by Sushil Vaishnav and Kirti Vaishnav, Ecoil specializes in transforming used cooking oil and fats into biodiesel, offering comprehensive waste management solutions for manufacturers and fast-food outlets.
 
The funds acquired will be used to enhance liquid logistics, infrastructure, and automation, with additional investment in talent acquisition.
 
Founder Sushil Vaishnav highlighted the startup's mission, underscoring their dedication to tackling health risks and cutting carbon emissions by stating that, "In response to the alarming increase in heart attacks and critical diseases like cancer and Alzheimer's in India, we recognize the absence of a singular solution. Our focus is on the crucial yet often overlooked factor of correct 'used cooking oil disposal'."
 
He also added "Currently, over 60% of this oil is reintroduced into the food chain, leading to a dark, viscous material that elevates total polar compounds, contributing to critical diseases. Acknowledging the urgent need for change, our solution provides a transformative opportunity. By converting this life-threatening used cooking oil into biofuel, we address health risks and contribute to reducing carbon emissions. Our commitment is to foster a healthier and more sustainable future for India through responsible disposal and innovative biofuel conversion."
 
Elango Pandarinathan, the Lead Investor from The Chennai Angels and Former MD of Hindustan Oil Exploration Company, discussed the synergy between Ecoil and The Chennai Angels, stating, "A mere litre of Used Cooking Oil (UCO) can contaminate a staggering 10,000 litres of water! Ecoil stands out with its distinctive business model, ensuring complete traceability from the collection of oil to its conversion into biodiesel. The successful execution of their Model will help India to meet its future Sustainable Aviation fuel demand. TCA is thrilled to join forces with Ecoil in its mission to pave the way for a greener future through innovative waste-to-energy business concepts."
 
Mridula Ramesh, an Investor from The Chennai Angels and Founder of Sundaram Climate Institute, expressed, "Going circular is a no-brainer, and Ecoil, by building a traceable supply chain for used cooking oil, helps build energy security, green the hard-to-abate aviation sector and protect our health and environment. This is exactly the kind of startup that the Indian climate tech sector needs."
Business Wire India

Meyer Organics Pvt. Ltd., a leading health and wellness company, successfully concluded an impactful Corporate Social Responsibility (CSR) initiative to promote road safety. The event, titled the "Safe Riders' Seminar & Helmet Distribution," took place at Vidyalaṅkar School of Technology in Mumbai and the office of the Joint Commissioner of Police (Traffic) in Worli, Mumbai.

Honourable Joint Commissioner of Police (Traffic), Mumbai, Maharashtra, Shri Pravin Padwal, delivered a keynote speech. He said, "We as citizens need to nurture a culture of mindful mobility. Responsible road behaviour entails adhering to traffic rules, respecting fellow road users, and maintaining awareness of one's surroundings. To stay safe on the roads, exercise caution, avoid distractions, and prioritise the well-being of yourself and others by following established road safety guidelines. Wearing helmets is a crucial safeguard, ensuring personal safety and reducing the risk of grave injuries on the roads." 

"Road safety is not just a responsibility; it's a commitment to safeguard lives. In the bustling streets of Mumbai, our collective awareness and adherence to traffic rules pave the way for a secure and harmonious journey. Let's drive change, not just in our vehicles, but in ensuring that every road becomes a pathway to safety and well-being," said Police Inspector Subhash Murlidhar Shingare, Mumbai.

Mr. Rajesh Tawade, Director, Meyer Organics Pvt. Ltd., emphasised the role of youth in road safety and added, "The youth are the architects of tomorrow's roads. As we navigate the present, let us steer with responsibility, for in our hands lies the power to shape safer journeys ahead."

Mr. Karolis Mieliauskas, the Lithuanian Rider, Explorer, and International Road Safety Ambassador, shared a global outlook on road safety. "In every corner of the world, road safety is a shared responsibility that transcends borders. Let us unite in our commitment to safe journeys, recognizing that each step we take towards responsible road behaviour is a step towards a safer global community and the well-being of our community."
 
Shri Anurag Kulshrestha, President TRAX, facilitated discussions on the significance of wearing standardised helmets and shared knowledge on Rule 138(4)(F) of CMVR.

The event concluded with the National Anthem and the distribution of 500 helmets to students and guests.

Meyer Organics reaffirms its commitment to fostering a safer environment on the roads, and the success of this initiative underscores its dedication to corporate social responsibility.
Business Wire India

ABB India's Smart Power Division bagged the 'Smart Factory of the Year' award demonstrating its digital readiness at the Frost & Sullivan's 19th edition of the India Manufacturing Excellence Awards 2023. This award was based on multiple factors including, smart manufacturing & IIoT systems, AI & Machine learning, and digital modelling for process layout amongst others.

ABB India also won 'Indian Manufacturer of the Year-1st Runner up' award for excellence in manufacturing practices and 'Consistency Aspirer Award' for Diligence, Perseverance, Foresight and Dedication towards manufacturing excellence.

Additionally, Manufacturing Transformation Champion of the Year was awarded to Mr. Saju SR, Senior Vice President, ABB India Limited, Smart Power Division, for outstanding contributions and achievements in the Manufacturing domain.

The 19th edition of the Frost & Sullivan India Manufacturing Excellence Awards (IMEA) celebrated achievements in optimizing operational excellence and demonstrating future readiness. The evaluation criteria included the utilization of digital manufacturing tools, optimization of the supply chain, and effective enhancement of manufacturing capabilities.

ABB India's Smart Power division factory in Bangalore showcased its Digital Readiness Framework involving its adoption of digital tools, its readiness and maturity to go along the digital transformation journey for its on-site assessment of maturity.

ABB (ABBN: SIX Swiss Ex) is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company's solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on more than 130 years of excellence, ABB's ~105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com

ABB's Electrification Business Area is a global leader in electrical products and solutions, operating in more than 100 countries, with over 200 manufacturing sites. Our 50,000+ employees are dedicated to transforming how people live, connect and work by delivering safe, smart and sustainable electrification solutions. We are shaping the future trends of electrification, differentiating through technological and digital innovation while delivering an outstanding experience through operational excellence for our customers across utilities, industry, buildings, infrastructure and mobility. go.abb/electrification
Business Wire India

At the recently concluded UN annual climate conference, COP28, a group of key climate enterprises from South Asia were showcased for their innovative and impactful climate solutions. The initiative called the South Asian Business House (SABH), launched at Dubai Expo City, put the spotlight on lesser-known climate-focused businesses and their diverse solutions, spanning sectors from cooling solutions and green finance to energy and transport.
 
In the Global South, especially South Asia, micro, small and medium businesses (MSMEs), despite having scalable solutions, remain underrepresented at a global scale, especially in important forums such as the UN annual conference COP. Keeping in mind this critical gap, SABH, powered by global storytelling platform PlucTV, showcased 50 businesses from India, Nepal, Bhutan, Bangladesh and Sri Lanka, at COP28.
 
SABH is the call of the hour as small and medium enterprises (SMEs) are at the heart of climate action. According to the latest IPCC report, avoiding 1.5°C is still possible, but for this emissions need to be reduced by at least 43% by 2030 compared to 2019 levels, and at least 60% by 2035. And as per the World Bank, small and medium businesses represent about 90% of businesses and more than 50% of employment worldwide. Connecting these two overarching statistics, SABH intends to get the global business community to act with urgency and innovation.

"With SABH, we wanted to mainstream bold and scalable climate action by SMEs. At COP28, getting five amazing businesses was a clarion call to the global business community, to join hands and foster collaboration for solutions to scale up. The movement has already begun where we are connecting solutions from across South Asia so that they are scaled up faster. We are also grateful to Expo City Dubai for allowing us to present these businesses here," said Tamseel Hussain, founder, PlucTV, which has a global presence in 22 countries and a network of 250,000 creators.
 
Under SABH, as many as 20 businesses got to share their climate stories through short films that premiered at COP28. Among them, five business leaders from India presented their solutions in an exhibition held at Dubai Expo City. It also provided networking opportunities to these businesses where they met like-minded entrepreneurs and explored collaboration opportunities. Taking forward the vision to equip businesses with better skills, two courses under SABH are also being offered free of cost. The courses– 'Integrated Sustainability Strategies in Climate Leadership' and 'Climate Storytelling and Content Creation'– will not just upskill the business leaders and their employees but also allow them to market their solutions effectively.

The motto of SABH 'Show, Tell, and Scale for the Future' came to fruition with businesses presenting their solutions to the expo audience. Mohit Agarwal of Vinayak Industries, from Ghaziabad, who presented his cooling solution at an international conference for the first time, amplified the challenges arising out of rising temperatures in middle-income households. He showcased the impact of his unique, eco-friendly paint crafted from minerals and water using a prototype where audiences were explained how this specialised paint when applied to roofs, effectively lowers the indoor temperatures thereby bringing to attention 'cool roof' solutions.
 
"SABH was a great opportunity for us and talks are underway with four businesses on how we can support each other for scaling up," said Vikash Kumar, Director, Jitban Food Supply Chain, from Bihar in India. His organisation addresses the issue of food wastage by enhancing the cold-supply chain through 'hot water treatment'. The other three organisations present at the Expo City Dubai Pavilion included Envo Renewables from Guwahati which implements renewable energy solutions and have positively impacted around 10 lakh rural residents in Northeast India. Green Banana from Gujarat has pioneered an alternative to concrete, composed entirely of 100% waste material, free from additives, chemicals, and pigments and their manufacturing process requires no water for curing and generates zero waste. Ajit Shah, founder of Yantra Harvest, Pune, emphasised how the energy-saving or energy-efficiency sector could assist industries in conserving energy and converting it into monetary savings.

Going forward, SABH will get on board a wider representation from diverse South Asian nations, as well as more niche sectors, thereby putting the spotlight on innovative climate solutions where stories empower businesses. The idea is to foster impactful joint ventures and amplify the success stories at various other global forums with several hundred businesses and a larger number of key sectors.
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