Stepone Tech, a Finnish company that specializes in developing technology to convert standard gasoline engines into biofuels, is collaborating with the Indian Ministry of Energy to develop standards for renewable fuels. The company has also partnered with India’s largest oil companies and is launching a pilot project at a local gas station chain.
The technology developed by Stepone Tech can reduce fossil greenhouse gas emissions by up to 80% compared to traditional gasoline engines. This makes it an attractive solution for India, which aims to increase the use of renewable fuels and reduce its reliance on coal-based electricity production. The country plans to establish standards for renewable fuels, with ethanol being one of the key raw materials.
Stepone Tech sees India as a promising market, with approximately 20 million new combustion engine vehicles sold in the country each year. However, transitioning to electric cars is challenging due to high electricity costs and incomplete electricity grid coverage. To mitigate heavy import duties in the long run, Stepone Tech is exploring options for manufacturing within India.
In addition to its operations in India, Stepone Tech also sees potential in the United States, which has nearly 300 million combustion engine vehicles. The company is currently seeking international funding from investors and aims to secure funding in the range of 5-10 million euros. Despite potential competition and concerns about product copying by Asian companies, Stepone Tech stands by the quality and effectiveness of its tested technology.
