Praj Industries joins hand with Sweden's Sekab E-Technology; stocks trade flat

Praj entered into agreement with SEKAB to help mitigate climate change.

May 18, 2020 02:05 IST India Infoline News Service

Praj Industries
The Praj Industries on Monday entered into a partnership with Sweden-based Sekab E-Technology AB to upgrade and commercialize base technology to produce advanced biofuels and biochemicals from forest residue as feedstock.

Under the agreement, Praj will add significant value to Sekab's CelluAPP the technology of converting forest residue in the form of softwood to ethanol, through Praj’s proven capabilities to improve, optimize, integrate and scale-up advanced biofuel technologies globally.

Pramod Chaudhari, Executive Chairman, Praj, said, “We are pleased to extend our enfinity platform to now process forest residue as feedstock based on Sekab’s CelluAPP technology. This partnership will offer sustainable decarbonization solutions through a circular bio-economy.”

In the notification, the company stated that the Praj-Sekab partnership will facilitate CO2 reduction by offering Bio-mobility solutions for the transportation industry in the form of advanced biofuels produced from softwood. Praj’s Bio-Mobility TM platform promotes the use of renewable resources to produce low carbon transportation fuel modes of mobility, namely surface, air and water.

Both companies will jointly pursue identified commercial opportunities in Northern Europe to support projects catering to environmental protection and bioenergy.

On Sensex, the company's stock price was trading flat at Rs56 per piece at around 2.44 pm. The stock has however touched an intraday high and low of Rs57.50 per piece and Rs52.70 per piece respectively.

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