VA Tech Wabag, Peak SV sign strategic MoU
The signing of the agreement between the two entities is to tap the business potential for the establishment of 100 Bio-CNG plants which is expected to be over $200 million.
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CHENNAI: Water treatment company VA Tech Wabag Ltd has entered into a memorandum of understanding with Peak Sustainability Ventures (Peak SV) to establish 100 bio-CNG plants at sewage treatment facilities pan India, the company said on Monday.
The signing of the agreement between the two entities is to tap the business potential for the establishment of 100 Bio-CNG plants which is expected to be over $200 million. The collaboration aims to generate over 73 million kg of Bio-CNG per year significantly boosting the local and agrarian economies, resulting in new job creation.
“The initiative would not only meet the growing energy demand in a responsible and eco-friendly manner but also contribute to India’s commitment to GHG emission reduction and to reduction...,” a company statement here said.
VA Tech Wabag said it has already implemented around 40 large biogas generation facilities in various projects globally.
The MoU also aims to harness the unutilised potential of sewage treatment plants and to generate Bio-CNG which can be used for mobility applications in trucks and heavy-duty vehicles and for industrial applications.
“Wabag has always been a frontrunner in terms of implementing sustainable solutions and generating green energy. Wabag is already producing more than 40 MWh of green energy through its various installed plants. With this collaboration, we are taking the next step in our green energy segment to produce cleaner and greener fuel and to support the country’s vision of Atmanirbhar Bharat,” Wabag CEO India Cluster Shailesh Kumar said.