Praj Industries (Praj) and Automotive Research Association of India (ARAI) have entered into MoU to jointly drive application development of advanced biofuels that will find usage in industry and transportation. Biofuels developed for the mobility sector will have a positive impact on environment by way of reduced carbon footprint and improved tail pipe emissions.
Biofuels are derived by processing bio-based feedstock such as Agri residue, Molasses, Cane syrup etc. As a renewable transportation fuel in gaseous as well as liquid form, Biofuels provide an energy source that complements fossil fuels such as gasoline, diesel and aviation fuels. Since biobased feedstock is a captive source, biofuels facilitate energy self-reliance while helping conserve the environment.
Through this collaboration, Praj and ARAI will jointly address technologies to propagate use of biofuels in variety of applications including usage in internal combustion engines (ICE) in the transportation sector. As a leading player in the global bio economy, Praj brings to the table its expertise of over three decades in developing and deploying biofuel technology solutions through its TEMPO business model1. On the other hand, as an R&D major, ARAI brings its vast experience in the field of alternative fuels, green and sustainable mobility, to the association. ARAI is working closely with OHi, energy vertical of Niti Aayog, MoPNG and MoRTH for development of regulations and demonstration of technology competence in various alternate fuels spectrum like CNG, LPG, LNG, HCNG, dual fuel technology, Bio-CNG, Hydrogen, Ethanol, DME and Methanol. With complementary strengths in technology and application, Praj and ARAI will work together to test and commercialise newer fuels with improved efficiencies.
The transportation sector is the single largest consumer of imported crude oil and natural gas for petroleum products. With a growing population of vehicles across all modes of transport (surface, air and marine), it is also the third largest source of GHG emissions after power sector & industry as per world energy statistics data. As a signatory to Paris summit to reduce GHG emissions by 30-35%, India has to redefine its transportation fuel mix. Advanced biofuels technology applications that will be developed as a part of this association will help curtail health hazards attributable to the air pollution in transportation sector.
Speaking on the occasion of formalizing this alliance, Dr. Pramod Chaudhari, Executive Chairman, Praj Industries, said, "We are delighted to partner with ARAI, India's premier institution, to develop application technologies to create a positive impact on environment and society. The projects we jointly undertake will reinforce of our Bio-Mobility™ platform that offers technology solutions globally to produce carbon neutral transportation fuel from bio-based feedstock for all modes of mobility. Solutions developed under this program will not only bolster the rural economy but also align with the goals of Atma Nirbhar Bharat Abhiyan."
Expressing the views on this constructive alliance, Mr. N V Marathe, Officiating Director of ARAI said, "It is important how we accelerate India's access to affordable and cleaner energy encompassing Bio economy. We see great prospective here. and are delighted to join hands with Praj, India's most accomplished process engineering company in the Bio economy, to
unlock enduring worth of sustainable mobility for India. I am confident that this alliance will not only boost Green Economy but also line-up with objectives of being 'Vocal for Local' for selfsustenance."
The collaboration between Praj and ARAI aims to reinforce India's position as a technology leader in the global biofuels industry. ARAI wishes to execute mutually beneficial collaborative Projects for development of technologies, to produce customized fuels for best efficiency in terms of reduced fuel consumption and discharge emissions, under this alliance.
Shares of PRAJ INDUSTRIES LTD. was last trading in BSE at Rs.62.5 as compared to the previous close of Rs. 62.95. The total number of shares traded during the day was 34821 in over 312 trades.
The stock hit an intraday high of Rs. 63.65 and intraday low of 62.4. The net turnover during the day was Rs. 2192302.
1. TEMPO- technology, engineering , manufacturing, project management, operations.