Stepone Tech has been approached by the Indian Ministry of Energy to help establish standards that would enable the usage of renewable fuels in India. The company, seeking international investors, is now starting a distribution pilot project with a major local gas station chain.
This innovative company, Stepone Tech, has collaborated with the Indian Ministry of Energy and the country’s largest oil companies to create guidelines for incorporating ethanol into vehicles. It all began when the company was invited to an Indian trade fair about a year and a half ago. The CEO, Tuomo Isokivijärvi, mentioned that this exposure at the local car fair kickstarted their progress significantly.
Stepone Tech has developed technology that can convert regular gasoline engines to run on ethanol-based biofuel or a blend of ethanol and fossil gasoline. By installing an additional device in the vehicle, which costs less than 600 euros in Finland and approximately 300 euros in India, their products can significantly reduce greenhouse gas emissions.
Considering that India aims to increase the use of renewable fuels quickly, Stepone Tech sees it as a promising market. With around 20 million new combustion engine vehicles sold in India yearly and challenges transitioning to electric cars due to cost and infrastructure limitations, the company’s ethanol conversion technology aligns well with India’s goals.
To expand their production capabilities, Stepone Tech is exploring opportunities in India, including establishing a cooperative company. They are in discussions with international capital investors to secure 5–10 million euros for further growth and development.
Despite potential competition from other technologies and copycat products, Stepone Tech remains confident in their market position. They pride themselves on selling reliable and effective technology, emphasizing long-term benefits over short-term cost-saving solutions.