Danish pyrolysis specialist gets green loan for another waste plant in India — EnergyWatch

Danish cleantech company Mash Makes can now establish a second factory in India. The company, which specializes in the production of biofuel, biochar and carbon credits, has received a loan of EUR 2m from the Nefco fund, a joint press release states.

The factory, which will use pyrolysis to convert biomass waste into biofuels, will be located right next to the first factory that Nefco funded in 2022. The two factories are located in Udupi on the west coast of India in the state of Karnataka.

The Nefco Foundation was established by the four Nordic countries in 1990 and helps finance Nordic growth companies’ expansion of green technology abroad. 

”Nefco has been instrumental in our early scale-up, providing us with essential debt capital for our first two production sites, setting MASH Makes on a trajectory to become a leading biochar carbon removal company and top provider of genuinely sustainable bio-oil,” says Mash Makes CEO Jakob Andersen in the announcement.

For the lender Nefco, it is important that the supported projects provide clear environmental and climate returns. 

”This project has excellent environmental benefits and a high replication potential, which are key criteria when identifying potential projects for Nefco financing. As a result of our first project, Mash Makes is now producing and selling biochar, biofuel and carbon credits,” says Investment Manager Søren Berg Rasmussen from Nefco in the press release.

(This article was provided by our Danish sister media, CleantechWatch. Translated using DeepL with additional editing by Catherine Brett)