About EFuels sector in APAC
The EFuels sector in APAC comprises 132 companies, including 41 funded companies having collectively raised $376M in venture capital money and private equity. Out of these, 15 are Series A+ funded.
EFuels sector in APAC has seen 2 IPOs.
This sector includes companies that offer biofuels derived from biological resources for various industries.
Includes companies offering biogas, biodiesels, and other biologically derived fuels that are sustainable across industries such as aerospace, energy storage, automotive, etc. Excludes companies offering fossil fuels, companies offering solutions other than fuels, software, hardware, etc. Also excludes any fuel similar to fossil fuels that are not sustainable/eco-friendly
Top EFuels Companies in APAC
There are 132 EFuels startups in APAC which include Hygenco, H3 Dynamics, BiofuelCircle, Chemenergy, Jakson Green. Out of these, 41 startups are funded, with 15 having secured Series A+ funding.
Over the past 10 years, an average of 7 new companies have been launched annually. Notably, several of these startups have been founded by alumni of BITS Pilani, IIT Bombay and IIT Kanpur.
Here is the list of top EFuels startups in APAC
1. Hygenco
Provider of green hydrogen and green ammonia production and distribution solutions. It focuses on developing commercially viable production and distribution assets. The company designs, builds, finances, owns, and operates green hydrogen plants, offering a gas-as-a-service model. It serves industries including iron and steel, fertilizers, oil refineries, chemicals, glass, food, and pharmaceuticals. The company also caters to petroleum and gas blending, mobility and transport, and power grids, providing solutions for blending, distributed generation, and energy storage.
Key facts about Hygenco
- Founded Year: 2020
- Location: Gurugram (India)
- Stage: Series B
- Total Funding till date: $31.3M
- Investors: Neev Fund, Trifecta Capital and 6 Others
- Latest Funding Round: Convertible Debt, Dec 05, 2024, $*****
- Tracxn Score: 65/100 What is this?
- Competitors Rank: 2 of 65 Competitors
2. H3 Dynamics
Provides aerial inspection services using drones. It offers solutions using automated third-party drones. It has proprietary software that leverages machine learning for delivering inspection insights. It also has an in-house autonomous security drone station that enables an autonomous end-to-end data collection and processing cycle. Additionally, it provides security solutions for large-scale or industrial sites located in remote areas.
Key facts about H3 Dynamics
- Founded Year: 2015
- Location: Singapore (Singapore)
- Stage: Series B
- Total Funding till date: $39M
- Investors: ACA Investments, Sparks Asset Management and 13 Others
- Latest Funding Round: Series B, Oct 15, 2021, $*****
- Tracxn Score: 64/100 What is this?
- Competitors Rank: 8 of 847 Competitors
Digital marketplace for the biofuel and biomass supply chain. The platform connects farmers, biofuel producers, buyers, and logistics providers through web and mobile applications. It facilitates bilateral transactions, transport coordination, and settlement processing. It offers supply‑chain tools like delivery tracking, quality capture, and documentation management.
Key facts about BiofuelCircle
- Founded Year: 2020
- Location: Pune (India)
- Stage: Series A
- Total Funding till date: $17.2M
- Investors: Spectrum Impact, Mumbai Angels and 76 Others
- Latest Funding Round: Series A, Aug 20, 2025, $*****
- Tracxn Score: 60/100 What is this?
- Competitors Rank: 1 of 2 Competitors
4. Chemenergy
Provider of biodiesel, refined glycerin, and compressed biogas for industries. The company supplies biofuel and oleochemical products. It offers biodiesel as a cleaner alternative fuel source. Refined glycerin is available as a byproduct valorization. Compressed biogas is produced as a renewable energy solution.
Key facts about Chemenergy
- Founded Year: 2019
- Location: Ambala (India)
- Stage: Series A
- Total Funding till date: $6.62M
- Investors: Emerging Opportunity, Chhattisgarh Investments and 30 Others
- Latest Funding Round: Series A, Jan 04, 2024, $*****
- Tracxn Score: 59/100 What is this?
- Competitors Rank: 1 of 2 Competitors
5. Jakson Green
Jakson Green is a renewable energy transition platform promoted by Bikesh Ogra, reducing carbon emissions and striving for a cleaner, brighter future. The company is backed by the Jakson Group and offers utility-scale renewable EPC services, with over 1 GW orders announced.
Key facts about Jakson Green
- Founded Year: 2022
- Location: Noida (India)
- Stage: Funding Raised
- Investors: HSBC and FAB
- Latest Funding Round: Conventional Debt, Jul 22, 2024, $*****
- Tracxn Score: 58/100 What is this?
- Competitors Rank: 7 of 448 Competitors
Companies founded year-on-year in the EFuels sector in APAC
16 EFuels startups in APAC were founded in 2022 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | - |
2025 | - |
2024 | 3 |
2023 | 15 |
2022 | 16 |
2021 | 12 |
2020 | 14 |
2019 | 5 |
2018 | 7 |
2017 | 5 |
Stage-wise distribution of EFuels sector companies in APAC
Out of the total 132 EFuels companies in APAC, 41 have secured funding. Among them, 15 have reached Series A or higher, and 6 to Series B or beyond.
Founded - 132
Funded - 41
Series A+ - 15
Series B+ - 6
Series C+ - 3
Company Stage | No. of companies |
|---|---|
Founded | 132 |
Funded | 41 |
Series A+ | 15 |
Series B+ | 6 |
Series C+ | 3 |
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Funding Trends in the EFuels sector in APAC
Total funding year-on-year in the EFuels sector in APAC
The EFuels sector in APAC saw a total funding of more than $375M in the last 10 years. The most amount of funding was in 2022 at more than $148M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $23.9M |
2024 | $107M |
2023 | $45.9M |
2022 | $148M |
2021 | $33.3M |
2020 | - |
2019 | $6.46M |
2018 | $20K |
2017 | $10M |
Recent Funding Rounds in EFuels in APAC
In the year 2025, till October 2025, EFuels companies in APAC have raised $23.9M in equity funding across 5 rounds.
In the same period last year (i.e. till October 2024), EFuels companies in APAC had raised $59M across 9 rounds.
So, 2025 has seen a 59.43% drop in funding in EFuels companies in APAC as compared to 2024.
Here are some recent, important funding rounds in EFuels companies in APAC:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 6099 | Oct 27, 2025 | and 2 more | |
Series A | 8061 | Oct 09, 2025 | ||
Series A | 9635 | Aug 20, 2025 | ||
Series A | 5284 | Jun 16, 2025 | ||
Seed | 8887 | Feb 17, 2025 |
Top Investors in EFuels in APAC
Mitsubishi Heavy Industries is the top investor in EFuels companies in APAC based on number of companies invested.
Here are some top investors in EFuels companies in APAC:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Chiyoda City (Japan) | - | |
Sunnyvale (United States) | ||
Singapore (Singapore) | ||
Auckland (New Zealand) | - | |
Chiyoda City (Japan) | - |
IPOs in EFuels in APAC
In the year 2025, till October 2025, 1 IPO happened in EFuels sector in APAC.
Here are some recent, important IPOs in EFuels sector in APAC:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Oct 03, 2025 | Bombay Stock Exchange (BSE), National Stock Exchange (NSE) | |
Dec 06, 2024 | Hong Kong Exchanges (HKG) |
Colleges which produce the most EFuels companies in APAC
Companies founded by alumni from top colleges in the EFuels in APAC
Most number of EFuels startups in APAC have been founded by alumni from BITS Pilani, IIT Bombay and IIT Kanpur.
College | No. of companies |
|---|---|
BITS Pilani | 3 |
IIT Bombay | 2 |
IIT Kanpur | 2 |
London Business School (LBS) | 2 |
Nanyang Technological University (NTU) | 2 |
National University of Singapore (NUS) | 2 |
Carnegie Mellon University | 1 |
Eindhoven University of Technology | 1 |
IIT Delhi | 1 |
IIT Madras | 1 |
Total funding in EFuels companies founded by alumni from top colleges in APAC
In the last 10 years, INSEAD graduates' EFuels companies in APAC have raised the most funding among top colleges. London Business School (LBS) alumni are second, and IIT Bombay alumni are third.
College | Total Funding |
|---|---|
INSEAD | $39M |
London Business School (LBS) | $34.8M |
IIT Bombay | $31.3M |
University of Edinburgh | $31.3M |
Eindhoven University of Technology | $6.7M |
University of Manchester | $6.7M |
IIT Madras | $6.49M |
Macquarie Business School, Macquarie University | $3.58M |
IIT Delhi | $3.5M |
Nanyang Technological University (NTU) | $3.5M |
Top News in EFuels in APAC
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Australia’s Energys Secures Approval for Green Hydrogen Plant in VictoriaOffshore Energy•Jul 15, 2025•Energys,
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Hai Long Offshore Wind Project in Taiwan Generates First Power Ahead of ScheduleGlobeNewswire•Jun 13, 2025•Mitsui, Northland Power, Gentari
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Buyofuel Achieves INR 100 Cr Revenue, Profitability, and ExpandsBusiness News This Week•Apr 18, 2025•Buyofuel
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Airport-based green hydrogen test plant paves way for zero emissions aviationv magazine•Feb 20, 2025•Fabrum, Christchurchairport
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Airport-based green hydrogen test plant paves way for zero emissions aviationpv magazine•Feb 20, 2025•Fabrum
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Plans unveiled for ‘world’s first’ hydrogen-electric WIGE vesselOffshore Energy•Oct 01, 2024•Seacheetah, H3 Dynamics
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H3 Dynamics and Blueflite Collaborate on Hydrogen Storage for Drones in a Trailblazing NT ProjectFuelcellsworks•Aug 27, 2024•H3 Dynamics, blueflite
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EcoCeres delivers first SAF Batch to Evos Ghent for European marketBiofuels Digest•Aug 16, 2024•EcoCeres, Evos
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Buyofuel Partners with BSE BEAM to Boost Biofuel Market EfficiencyDevdiscourse•Aug 13, 2024•Buyofuel, Bsebeam
