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Engineers India stock surges 4% after entering in strategic alliance with Finland's CHEMPOLIS for green technologies

The deal shall pave the way to pursue business development in the sunshine area o Renewables i.e. Cellulosic 2G Ethanol Technology.

November 26, 2021 2:22 IST | India Infoline News Service
Engineers India Limited (EIL) and CHEMPOLIS OY, Finland have signed a strategic alliance for the conversion of Biomass to Green fuels. The deal shall pave the way to pursue business development in the sunshine area o Renewables i.e. Cellulosic 2G Ethanol Technology.

Such becomes an important milestone for EIL in expanding its wings into the futuristic green technologies beyond robust Oil & Gas portfolio and continues the journey towards building the Nation’s future towards Net-Zero.

This arrangement also paves way for Chempolis to bring to the Nation innovation & technology in the area of Green & Renewable products.

In the changing global energy landscape, biomass-based fuels are a promising alternative for supplementing fossil fuels towards a sustainable energy future. In addition to this, biomass can be utilized to produce value-added products such as phenolic resins that have the potential to substitute a lot of products obtained from fossil fuels. GoI has also set a target to achieve 20% blending of ethanol in gasoline by the year 2025.

Many biomass-based product facilities are expected to be installed in the coming years in India and across the world to fulfil the demand for green products.

Also, both the organizations operate in the Indian subcontinent market and have complementary products and/ or services and thus this association will add value in presenting the synergized and regulatory compliant products and services to end customers in the Indian subcontinent.

At around 2.18 pm, Engineers India was trading at Rs74.45 per piece skyrocketing by 3.8% on Sensex.

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