Stepone Tech, a Finnish startup, is collaborating with the Indian Ministry of Energy to develop standards for the use of renewable fuels in India. The company has developed technology that converts standard gasoline engines 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.
Stepone Tech’s operations in India are promising as approximately 20 million new combustion engine vehicles are sold in the country each year. However, transitioning to electric cars is challenging due to high electricity costs, coal-based electricity production, and incomplete electricity grid coverage. To mitigate heavy import duties in the long run, Stepone Tech is exploring options for manufacturing within the country.
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.