MicroBite, a sister concern of the startup ThePhiFactory, has raised $1.5 million from Vijay Madduri, the co-owner of Hyderabad ISL Football Team.
“We will use the funds for establishing a bioethanol plant that utilises its proprietary ‘counter-flow multistage extractive fermentation’ technology in producing bioethanol with improved chemical kinetics,” a MicroBite statement has said.
It said part of the proceeds would also be used for research and development in using this technology to other potential applications such as beverages, active pharmaceutical ingredients and bioplastic industries.
It said the bioethanol plants were following the first generation processes in producing bioethanol. “This is not only time-consuming but also capital intensive,” it said.
“The ethanol market in India is set to grow two and half times by 2025-26. There is a wide gap between demand and supply. We have developed a technology that not only makes it possible to setup a production plant at reduced capital costs, but also operates with improved chemical kinetics,” Praveen Gorakavi, Chief Executive Officer of Microbite said.
Published on
April 07, 2022
