Bhilwara Energy Limited (BEL) is raising up to $57.3 million (Rs 500 crore), led by growth equity firm Singularity AMC, to accelerate its energy transition businesses.
The company plans to use the capital to drive organic growth, set up new greenfield projects and pursue acquisitions and partnerships.
“This investment will empower us to scale our operations, drive innovation, and capitalise on strategic growth opportunities, further strengthening our role in advancing India’s energy transition goals,” said Riju Jhunjhunwala, Managing Director.
It will also support BEL in creating a new energy transition platform, HEG Greentech, focused on power assets, battery-grade anode materials, food-grade bottle-to-bottle recycling, graphene and advanced battery systems manufacturing for energy storage C electric vehicles.
BEL, a part of the LNJ Bhilwara Group, provides energy storage, battery pack solutions for electric vehicles, and clean energy solutions that include hydro power and wind power generating projects. 51% of the company is owned by its promoters and promoter-owned entities, while 49% is owned by HEG Ltd, a graphite electrode maker.
India’s transition to low-carbon energy is gaining momentum with ambitious renewable energy targets, supportive government policies around advanced battery materials, and critical minerals.
HEG’s decision to demerge its graphite business and merge its remaining business with Bhilwara Energy has resulted in the creation of HEG Greentech, to be listed on the stock exchanges.
