Biodiesel is the fuel of future: Santosh Verma

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Saurabh Gupta | 23 May, 2014
Ever increasing fuel prices declining global resources of fossil fuels and a humongous problem of air pollution have prompted the power producers to examine other commercially viable, environment friendly alternatives. And the next best substitute for petrol and diesel was Biofuel. Powering various commercial vehicular mediums like cars, buses, trains, bulldozers, ships and agricultural tractors along with other machinery like electricity generators, industrial boilers & furnaces; Bio-diesel is the next best viable option to conventional fuel mediums, Promoter/ Director, My Eco Energy, Santosh Verma said in an exclusive interview to SME Times.

Excerpts of the interview...

You are engaged in the production and trading of Bio-Diesel produced. When and why this idea come in your mind? Please tell our readers more about your company?
Santosh Verma: My Eco Energy was set up by three young and ambitious entrepreneurs with a common goal and vision to reduce the dependency on traditional fuel mediums by offering bio diesel that is environmentally safe, cost effective, safe to store and above all low polluting.

In 2011-12 the promoters acquired Go Fuels Ltd- a non commissioned bio-diesel manufacturing start up in UK, amongst the only three bio diesel manufacturing licensees within the city of London. After successfully acquiring a strong foothold in the European market the promoters realized the huge need and potential for their product in the Indian market(s) where they pioneered the production of Indizel Bio-Diesel, a non-petroleum based fuel.

Ever increasing fuel prices declining global resources of fossil fuels and a humongous problem of air pollution have prompted the power producers to examine other commercially viable, environment friendly alternatives. And the next best substitute for petrol and diesel was Biofuel hence they set their operations as My Own Eco Energy Pvt Ltd in India.

My Eco Energy is a pioneering company engaged in the production and trading of Indizel. Indizel is a biofuel produced from various feed stocks including vegetable oils (such as oilseed, rapeseed and soya bean), animal fats or algae. Biodiesel can be blended with diesel for use in diesel engine vehicles. In its endeavor to reduce the dependency on traditional fuel mediums, My Eco Energy will use the expertise of Go Fuels LTD., in strengthening the entire production process and consolidating the distribution network in the Indian Market. It also seeks to target the EU and Eastern European markets in the coming future.

Powering various commercial vehicular mediums like cars, buses, trains, bulldozers, ships and agricultural tractors along with other machinery like electricity generators, industrial boilers & furnaces; Bio-diesel is the next best viable option to conventional fuel mediums.

What kind of challenges you have faced during the journey of yours from a start-up to a successful entrepreneur?
Santosh Verma: The biodiesel production in India is at a very nascent stage. The promoters believe that waste to energy will evolve as one of the prominent and widely used technologies in the years to come hence that gave way to the venturing into the segment in India.

There are three major challenges MEE faces as an industry:

(a). Although the Government of India has laid down some heavy biodiesel initiatives, there is very weak implementation towards them.

(b). There is a severe lack of awareness towards the use of biodiesel. Biodiesel and especially our product Indizel is a complete alternative to conventional petro-diesel. There are no engine modifications needed to use it. It burns cleaner, so is environmentally friendly and is lighter on the pocket as compared to regular diesel.

(c). There is no proper infrastructure that supports abundant manufacturing and processing of biodiesel in the country.

The promoters believe that waste to energy will evolve as one of the prominent and widely used technologies in the years to come hence that gave way to this venture.

In your views which-one issue was the biggest hurdle in your journey?
Santosh Verma: One of the biggest hurdles in introducing a product in the market was commercial viability due to prices of the end product.

Also 60 percent of our edible oil requirements are met by imports. Do you also import your raw materials? How you see the market for you raw material in India?
Santosh Verma: The raw material we use for our production is "used/residual" oil. We do not use any unused edible oil at all. There is reasonable amount of that available in the country.

Who buys your product? In your views, what is required to be done to improve the distribution channels?
Santosh Verma: Indizel is interchangeable with conventional fuel for all its operations from industry to commercial and even aviation. "One can think of diesel as the evil step sister of Indizel".

To attain a significant customer base, My Eco Energy has outlined a strategic marketing road-map to reach the domestic market segments. Today, My Eco Energy primarily caters to Maharashtra and other neighboring states in the initial phase with operations spread across 20 distributorship across Maharashtra.

What are your future plans?
Santosh Verma: Future plans include extending its network force to over 250 dealer owned retail pumps in Maharashtra within one year.