Mumbai, Maharashtra – September 30, 2024 -New Era Cleantech, India’s first integrated gasification plant with carbon capture and utilization, is pleased to announce the appointment of Mr. Rakesh Kumar as Chief Business Officer. This appointment marks a significant milestone for the company as it progresses toward establishing India’s first greenfield “Blue (low carbon) Refinery.”
Mr. Rakesh Kumar, MBA Finance, brings with him a wealth of experience, having worked for 36 years in the energy (Oil, Gas, Power including Renewables, Coal, and Lignite) and petrochemical sectors, predominantly in Navratna CPSEs (Central Public Sector Enterprises). With 15 years of board-level leadership, Mr. Kumar retired as Chairman Cum Managing Director of NLC India Ltd, a Navratna CPSE under the Ministry of Coal. His vast experience includes financial resource mobilization, financial engineering, project conceptualization and execution, strategic management, and corporate governance.
Throughout his illustrious career, Mr. Kumar has spearheaded several key projects, including the Assam Gas Cracker Project, the setup of India’s first 1000 MW solar project by any CPSE, the opening of a 20 MT coal mine in under three years, and the conceptualization of the lignite-to-methanol project under India’s Coal Gasification Mission. His professional contributions have been recognized through numerous national and international awards for excellence in finance, leadership, and corporate social responsibility (CSR).
Commenting on his appointment, Mr. Rakesh Kumar said “I am thrilled to join New Era Cleantech at this exciting juncture. The company’s vision aligns with my belief in the transformative power of clean energy and innovation. As India transitions to a more sustainable future, I look forward to contributing to this ambitious project, which will redefine the country’s energy landscape and support Aatmanirbhar Bharat.”
New Era Cleantech’s vision is to advance India’s energy transition while maintaining cost-effectiveness, scalability, and sustainability. The company aims to achieve the goals of the National Mission on Coal Gasification, Hydrogen, and CCUS (Carbon Capture Utilization and Storage), playing a crucial role in the decarbonization of hard-to-abate sectors.
With an investment of $3 billion over the ten years, New Era Cleantech is developing its flagship project on a 1,650-acre industrial site in Chandrapur, Maharashtra. The facility will convert 5 million metric tons per annum (MMTPA) of coal into high-value chemicals, such as hydrogen, methanol, ethanol, di-methyl ether (DME), ammonium nitrate, and acetic acid, with an emphasis on carbon capture, driving a circular economy on an industrial scale.
Mr. Balasaheb Darade, Managing Director of New Era Cleantech, stated “We are honored to have someone of Mr. Kumar’s caliber join our leadership team. His extensive experience and visionary approach will be instrumental in steering the company towards its long-term goals, including strengthening our technological and financial partnerships. This is a major step forward in our journey to establish India’s first Blue Refinery.”
New Era Cleantech has already secured 1650 acres of land, obtained environmental clearance, and forged key partnerships. The company is actively working on collaborations with public and private sector entities to finalize input and offtake agreements, select licensors, and achieve financial closure.
About New Era Cleantech
New Era Cleantech is at the forefront of India’s energy transition, contributing to the country’s National Mission on Coal Gasification, Hydrogen, and CCUS. With its integrated gasification plant and carbon capture technology, the company is building India’s first greenfield “Blue Refinery,” driving sustainable energy solutions and supporting the vision of “Aatmanirbhar Bharat”. Please visit www.neweraclenatech.com for more details. For comments or questions, please respond to [email protected]
