not get any mentorship. Also, Kharagpur was too far away from any industrial center; so, it was difficult for us to work with any independent industrial lab while we were still students at IIT.
However, since we were entrusted with the seed fund, we had to produce the results anyhow. So, we started to build all the testing equipment on our own. Therefore, what could have been done in a couple of months with existing testing equipment took us a couple of years.”
Meanwhile, Aniruddha got an on-campus placement offer from McKinsey and Company, a leading strategy consulting firm. Prateek, on the other hand, got an offer from INERIS, a public consulting firm in environmental research, based in France. Their parents wanted them to take up the security of a job and the duo had a hard time convincing their respective parents against it. Once their parents relented, they marched on to conquer the next hurdle.
“Once we graduated from IIT in 2010, we started looking for independent labs across the country to tie up with. We first approached National Chemical Laboratories in Pune, but they simply refused to be a part of the project. That was very disappointing, because they are one of the biggest and most sophisticated chemical laboratories in the country and we had pinned our hopes on them.
The search continued for a few more months. Finally, we met with researchers at Institute of Chemical Technology (ICT) in Mumbai, who showed great interest. After formal discussions, we carved out our first Memorandum of Understanding (MoU) with them. Eventually, we established partnerships with IIT Bombay and IIT Delhi as well.
At ICT, we set up a baby pilot plant or test plant. The results from testing revealed that the technology was effective in removing 90% of the carbon dioxide (CO 2 ) from gaseous effluents. Once the results were established, we filed for product and process patents in 2010.”
Prateek explains how the technology works. “The technology involves the use of a proprietary solvent to dissolve the CO 2 from the gaseous effluents in the chimney. This is done via a certain chemical reaction, assisted by a proprietary catalyst at a specified condition. So, the patents cover both – the process and the proprietary chemicals involved.
“Any industry that produces carbon dioxide would need such a system. Currently, our biggest buyers are steel, power, cement, bottling and biodiesel plants. Many countries have strict norms regarding industrial emissions, which force industrial plants to install such a technology. Moreover, the clients can earn carbon credits for the CO 2 emissions prevented. An even bigger reason to install this system is the ability to sell the CO 2 thus captured. The cost of capturing CO 2 using our technology is roughly3-3.5 per kg, while it can be sold to manufacturers of industrial gases and carbonated drinks for almost8 per kg.
A coal-based power plant typically generates about 20 tons of CO 2 per day for every MW of power it produces. By selling the CO 2 alone, an average-sized plant can recover the cost of the system within three to four years.”
Prateek adds that they are much ahead of the competition. “Only four or five companies in the world have competence in this domain. Our technology requires 30% less operating expense (OPEX, that is, the running cost) and 40% less capital expense (CAPEX, that is, installation cost) as compared to others. Thus, it is more cost- effective.”
According to the International Energy Agency, the global carbon capture and storage market is worth $27 billion and is expected to grow to $229 billion in two decades. The size of the industry in India is about $2 billion and can be expected to grow to $30 billion over the same period.
Just four years out of IIT, Prateek and Aniruddha have clients in Australia and the UK and are looking to expand into North America and mainland Europe as well. They have received a
However, since we were entrusted with the seed fund, we had to produce the results anyhow. So, we started to build all the testing equipment on our own. Therefore, what could have been done in a couple of months with existing testing equipment took us a couple of years.”
Meanwhile, Aniruddha got an on-campus placement offer from McKinsey and Company, a leading strategy consulting firm. Prateek, on the other hand, got an offer from INERIS, a public consulting firm in environmental research, based in France. Their parents wanted them to take up the security of a job and the duo had a hard time convincing their respective parents against it. Once their parents relented, they marched on to conquer the next hurdle.
“Once we graduated from IIT in 2010, we started looking for independent labs across the country to tie up with. We first approached National Chemical Laboratories in Pune, but they simply refused to be a part of the project. That was very disappointing, because they are one of the biggest and most sophisticated chemical laboratories in the country and we had pinned our hopes on them.
The search continued for a few more months. Finally, we met with researchers at Institute of Chemical Technology (ICT) in Mumbai, who showed great interest. After formal discussions, we carved out our first Memorandum of Understanding (MoU) with them. Eventually, we established partnerships with IIT Bombay and IIT Delhi as well.
At ICT, we set up a baby pilot plant or test plant. The results from testing revealed that the technology was effective in removing 90% of the carbon dioxide (CO 2 ) from gaseous effluents. Once the results were established, we filed for product and process patents in 2010.”
Prateek explains how the technology works. “The technology involves the use of a proprietary solvent to dissolve the CO 2 from the gaseous effluents in the chimney. This is done via a certain chemical reaction, assisted by a proprietary catalyst at a specified condition. So, the patents cover both – the process and the proprietary chemicals involved.
“Any industry that produces carbon dioxide would need such a system. Currently, our biggest buyers are steel, power, cement, bottling and biodiesel plants. Many countries have strict norms regarding industrial emissions, which force industrial plants to install such a technology. Moreover, the clients can earn carbon credits for the CO 2 emissions prevented. An even bigger reason to install this system is the ability to sell the CO 2 thus captured. The cost of capturing CO 2 using our technology is roughly3-3.5 per kg, while it can be sold to manufacturers of industrial gases and carbonated drinks for almost8 per kg.
A coal-based power plant typically generates about 20 tons of CO 2 per day for every MW of power it produces. By selling the CO 2 alone, an average-sized plant can recover the cost of the system within three to four years.”
Prateek adds that they are much ahead of the competition. “Only four or five companies in the world have competence in this domain. Our technology requires 30% less operating expense (OPEX, that is, the running cost) and 40% less capital expense (CAPEX, that is, installation cost) as compared to others. Thus, it is more cost- effective.”
According to the International Energy Agency, the global carbon capture and storage market is worth $27 billion and is expected to grow to $229 billion in two decades. The size of the industry in India is about $2 billion and can be expected to grow to $30 billion over the same period.
Just four years out of IIT, Prateek and Aniruddha have clients in Australia and the UK and are looking to expand into North America and mainland Europe as well. They have received a
Similar Books
Assignment - Karachi
Edward S. Aarons
Godzilla Returns
Marc Cerasini
Living With the Dead: This New Disease (Book 5)
Joshua Guess
Mission: Out of Control
Susan May Warren
The Illustrated Man
Ray Bradbury
The Party Boy's Guide to Dating a Geek (Clumsy Cupids)
Xara X. Piper;Xanakas Vaughn
Past Caring
Robert Goddard
American Romantic
Ward Just
Time Waits for Winthrop
William Tenn