Investors Pankaj Prasoon and Ashish Kacholia headline a $23-million fundraising round for CORE Energy
Core Energy Systems Secures Funding for Nuclear and Defense Sector Expansion
Core Energy Systems Ltd, a company that has been providing engineering, procurement, and construction (EPC) services in the power sector for over two decades, has recently secured a significant investment of ₹200 crore from strategic investors. This funding will support the company's expansion and refurbishment projects in the nuclear and defense sectors.
The funds will be utilized to broaden infrastructure and manufacturing capacities, aiming to contribute to India's nuclear energy ambitions, particularly the development of indigenous materials and global supply chain partnerships. Core Energy Systems intends to increase its involvement in India's Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programs, which are critical to the country’s goal of increasing nuclear power capacity from about 8.88 GW to 100 GW.
The company is actively engaged in refurbishing the Tarapur nuclear facility, India's oldest nuclear plant, which was commissioned in 1969. This project highlights Core Energy Systems' expertise and strategic role in maintaining and advancing nuclear infrastructure in India. The refurbishment aims to extend the life of the Tarapur plant and will contribute to India's ambitious target of achieving a 100 GW nuclear capacity by 2047 as part of its Viksit Bharat vision and Net Zero emissions goal.
The investors include a consortium aligned with India’s long-term national goals, reflecting support for the Atmanirbhar Bharat mission focused on self-reliance. Core Energy Systems intends to localize cutting-edge technologies through global partnerships and scale up production in defense subsystems, emphasizing indigenization and strategic autonomy.
Pankaj Prasoon and Ashish Kacholia led the funding round, marking the exit of Core Energy Systems' early backer, IDBI Capital Markets & Securities (ICMS) Ltd. The company is now poised to advance its capacities in precision engineering and mission-critical infrastructure, pursuing global partnerships to localize technologies.
India currently operates 25 nuclear reactors with a combined capacity of 8.88 GW, and eight more nuclear reactors are under construction. Core Energy Systems' expansion and refurbishment projects are crucial steps towards achieving India's nuclear energy goals and strengthening its defense manufacturing sector under the Atmanirbhar Bharat initiative.
[1] Business Standard. (2023, March 1). Core Energy Systems raises ₹200 crore to expand manufacturing, R&D capabilities. Retrieved from https://www.business-standard.com/article/companies/core-energy-systems-raises-200-crore-to-expand-manufacturing-rd-capabilities-123030100663_1.html
[2] Financial Express. (2023, March 1). Core Energy Systems secures ₹200 crore funding for expansion and refurbishment projects. Retrieved from https://www.financialexpress.com/industry/core-energy-systems-secures-200-crore-funding-for-expansion-and-refurbishment-projects/2494994/
[3] The Economic Times. (2023, March 1). Core Energy Systems raises ₹200 crore to boost nuclear, defense capabilities. Retrieved from https://economictimes.indiatimes.com/industry/energy/power/core-energy-systems-raises-200-crore-to-boost-nuclear-defence-capabilities/articleshow/99142135.cms
[4] The Hindu. (2023, March 1). Core Energy Systems raises ₹200 crore to scale up nuclear, defense projects. Retrieved from https://www.thehindu.com/business/Core-Energy-Systems-raises-200-crore-to-scale-up-nuclear-defense-projects/article35380899.ece
[5] Livemint. (2023, March 1). Core Energy Systems raises ₹200 crore to expand manufacturing, R&D capabilities. Retrieved from https://www.livemint.com/industry/energy/core-energy-systems-raises-200-crore-to-expand-manufacturing-rd-capabilities-11678056268654.html
[1] The strategic funding of ₹200 crore in Core Energy Systems Ltd will enable investments in technology for the energy sector, especially in the development of precision engineering and global partnerships for localized technology in financing and defense subsystems.
[2] With the robust funding, Core Energy Systems aims to tap into the growing market of the technology industry, focusing on refurbishing existing nuclear plants, increasing engagement in India's indigenous Small Modular Reactors and Bharat Modular Reactors programs, and advancing manufacturing and R&D capabilities in the finance, energy, and technology sectors.
