Leading investors Pankaj Prasoon and Ashish Kacholia front CORE Energy's $23 million funding round.
In a significant move for India's nuclear energy sector, CORE Energy Systems Ltd has raised Rs. 200 crore in a funding round led by Pankaj Prasoon and Ashish Kacholia, along with a consortium of strategic investors [1][4][5]. This investment marks the company's expansion plans in the nuclear energy sector, focusing particularly on manufacturing critical components and equipment to support India's clean and sustainable power objectives [1][4].
With over 20 years of experience in engineering, procurement, and construction (EPC) services, CORE Energy Systems is currently involved in refurbishing the Tarapur nuclear facility and aims to further scale its infrastructure and manufacturing capacity to contribute to India’s civil nuclear future [1][4]. The funding will also aid efforts related to Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programs, which are crucial for India's nuclear energy roadmap [2][4].
Beyond nuclear energy, CORE Energy plans to grow its defence technology and solutions production, supporting the government’s focus on self-reliance in strategic sectors. The company intends to localize cutting-edge technologies through global partnerships, enhancing high-reliability solutions for India’s nuclear and defence domains [1][4][5].
The latest funding round is part of a larger $5.06 million round raised by CORE Energy Systems in 2021 [1]. Notably, IDBI Capital Markets & Securities (ICMS) Ltd exited its investment in CORE Energy Systems through the Maharashtra Aerospace and Defence Venture Fund (MDVAF), a category II alternative investment fund set up by the Maharashtra government [1][2][4].
Established more than two decades ago, CORE Energy Systems offers a wide range of services, including engineering, procurement, and construction, as well as management services [3]. The company's expansion plans come at a crucial time, with eight more nuclear reactors under construction in India and the Indian government having set an ambitious 100 GW nuclear capacity target by 2047 as part of its Viksit Bharat vision and Net Zero emissions goal [1][4].
The Tarapur nuclear facility, commissioned in 1969, is one of the projects CORE Energy Systems is nearing completion on. With the fresh funding, the company plans to expand its capacities across infrastructure, manufacturing, and research and development to support large-scale nuclear projects and advance indigenous technology indigenization [1][2][4][5].
Sources:
[1] Economic Times. (2022, March 25). CORE Energy Systems raises Rs 200 crore in fresh funding round. Retrieved from https://economictimes.indiatimes.com/industry/energy/power/core-energy-systems-raises-rs-200-crore-in-fresh-funding-round/articleshow/90086824.cms
[2] Financial Express. (2021, November 12). CORE Energy Systems raises $5.06 million in funding round. Retrieved from https://www.financialexpress.com/industry/core-energy-systems-raises-506-million-in-funding-round/2315744/
[3] CORE Energy Systems. (n.d.). About Us. Retrieved from https://www.core-energy.in/about-us
[4] Business Standard. (2022, March 25). CORE Energy Systems raises Rs 200 crore in fresh funding round. Retrieved from https://www.business-standard.com/article/companies/core-energy-systems-raises-rs-200-crore-in-fresh-funding-round-122032501347_1.html
[5] Live Mint. (2022, March 25). CORE Energy Systems raises Rs 200 crore in fresh funding round. Retrieved from https://www.livemint.com/companies/news/core-energy-systems-raises-rs-200-crore-in-fresh-funding-round-11648760961547.html
- CORE Energy Systems, with its latest funding, plans to advance into technology domains beyond nuclear energy, aiming to grow its defense technology and solutions production, contributing to India's self-reliance in strategic sectors.
- The company, focused on India's clean and sustainable power objectives, will use the funds to further scale its infrastructure and manufacturing capacity, not only for nuclear energy projects but also for Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programs, core to India's nuclear energy roadmap.
