Stepone Tech, a Finnish tech company, has joined forces with the Indian Ministry of Energy to develop standards for utilizing renewable fuels in India. The company is seeking international funding and is currently launching a distribution pilot project with a major local gas station chain. By working with the Indian Ministry of Energy and the country’s largest oil companies, Stepone Tech has been able to provide recommendations for utilizing ethanol in vehicles.
The partnership between Stepone Tech and the Indian Ministry of Energy began about a year and a half ago when the company was invited to an Indian trade fair. Since then, things have progressed rapidly, starting with an appearance at a local car fair, according to CEO Tuomo Isokivijärvi.
Stepone Tech has developed technology that can convert a standard gasoline engine to run on biofuels containing ethanol or a blend of ethanol and gasoline. This conversion involves installing an additional device in the vehicle, costing less than 600 euros in Finland and around 300 euros in India. The company claims that its products can reduce fossil greenhouse gas emissions by up to 80 percent compared to traditional gasoline engines. With the goal of increasing the use of renewable fuels, India is planning to establish standards to support this transition, with ethanol being one of the key raw materials.
India presents a promising market for Stepone Tech as approximately 20 million new combustion engine vehicles are sold in the country each year. Transitioning to electric cars is challenging in India due to high electricity costs, coal-based electricity production, and incomplete electricity grid coverage. As the company expands its distribution network in India through partnerships with gasoline distributors, it is also exploring options for manufacturing within the country to mitigate heavy import duties in the long run.
In addition to its operations in India, Stepone Tech sees potential in the United States, which has nearly 300 million combustion engine vehicles. The company is currently in discussions with international capital investors 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, appealing to consumers looking for reliable solutions for their vehicles. Founded in 2012, Stepone Tech is primarily owned by its founders