If you skip 1G ethanol, everything else is pretty much in line with what is happening globally. They are doing things right in plotting opportunities (2nd Gen ethanol for instance). Globally, material science innovations are also at R&D/Pilot, at best. Very few companies are advanced enough to scale up. The reason is that decarbonisation is a relatively new theme and competing technologies with possibly newer techs coming in that will not be entirely linear.
For instance, last year there was a validated research for lignocellulosic feedstock (2nd Gen ethanol) in which a CRISPR modified yeast with genes for toxin tolerance as well as aldehyde to alcohol conversion (ligno feedstock has this issue of aldehyde generation on pretreatment… which the modifications helped to convert to alcohol).
This catapulted lignin feedstock yield to at part with 1st gen (glucose). Which means higher RoIs as there was no mention of special equipment as disruption is perceived to be non-linear…. that is, by modifying the biological systems (yeast). Repurposing by otherwise waste material to create potential fuel. This would also help in the food vs fuel debate. Save precious resources as well.
So, there’s immense value to be tapped but everybody is on a stealth more right now as the space is still evolving and it will take time for definite patterns to emerge.
In short, to find “value” in Praj at this level, one has to be incredibly patient. Virtuous cycle of ethanol-blending volumes will give them sufficient cash when they need it going forward to work or partner with biotechs or to do their own pilots. But no other company in India is better placed to benefit from a broad-based bio-economy push. Which would take a quite a few years though.
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