Blue Planet Environmental Solutions has raised a $35 million funding round from impact investor The Investment Fund for Developing Countries (IFU)
“IFU’s investment will drive substantial impact in our pursuit of a sustainable and comprehensive waste management platform. This will fortify our efforts in the two key areas of landfill bio-mining and e-waste recycling in India,” Blue Planet’s Founder and Chairman Madhujeet Chimni said.
The company aims to reclaim land and resources from garbage dumps, reintroduce materials into the supply chain, and diminish reliance on virgin resources, thereby reducing greenhouse gas emissions.
“Blue Planet also plans to operate one of the largest e-waste recycling centres in India. Its suite of e-waste solutions includes a proprietary method to recover high-value materials from electronic waste components, which are traditionally lost due to inefficient, inherently toxic, and outdated processing methods,” the company said in a statement.
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The company said it has reclaimed over 500 acres from landfills and processed more than 12 million tons of legacy waste.
According to Thomas Hougaard, Senior Vice President at IFU, India generates around 62 million tonnes (MT) of waste annually, of which only 12 MT are being treated before disposal. With waste volumes estimated to more than double towards 2030, investments into innovative technologies and operations are needed.
“The waste sector has evolved over the last years, supported by better regulation, and now provides opportunities to deliver on IFU’s impact investor mandate towards both investors and local communities,” said Thomas Hougaard, Senior Vice President at IFU.
Founded in June 2017, Blue Planet Environmental Solutions is a Singapore-based waste management enterprise with solutions to manage and upcycle waste.
Edited by Kanishk Singh
