Pune-based My Eco Energy (MEE), a bio diesel manufacturing company has launched its product under the brand name 'Indizel', priced at Rs 64 per litre.
With this, MEE has begin its supply in Pune market by setting up first bio-diesel fuel station.
The company will be engaged in the manufacturing, distribution, marketing and retailing of waste to bio-diesel, a non-petroleum based fuel.
The fuel is made from various feed stocks including waste vegetable oils and non-edible oils like used cooking oil and acid oils (a waste from edible oil manufacturing process). My Eco Energy has invested Rs 250 crore (Rs 2.5 billion) for this venture.
The company has identified three locations for the manufacturing units at Kolhapur, Noida and Visakhapatnam. Also, MEE will expand its footprints in other states like Andhra Pradesh and Punjab in due course of time.
For technology support, it has tied up with Austria based company Energia. My Eco Energy will use the expertise of London based Go Fuels which has been acquired by MEE promoters in 2012 for Rs 50 crore (Rs 500 million).
In the next one year MEE plans to open 500 pumps in Maharashtra. It has a capacity of producing 6.5 lakh litres of fuel on daily basis depending upon the supply of feedstock available.
"Bio-fuel requires no new infrastructure, reduces carbon dioxide emissions by 90 per cent, can be made from wide range of feed stocks and produce higher quality diesel that allows vehicles to run on 100 per cent renewable fuel. We need solutions to make fuel more sustainable, accessible, affordable and compatible in the existing infrastructure", said Santosh Verma, director My Eco Energy.