Green India Building Systems and Services (GIBSS), a geothermal cooling systems provider has recieved an undisclosed amount of investment from Zurich based responsAbility Investments and Infuse Ventures – housed at IIM-Ahmedabad’s, Centre for Innovation, Incubation and Entrepreneurship (CIIE).
Founded in 2010, GIBSS is headquartered in Mumbai and currently provides energy efficient and environmentally responsible technologies to reduce operating costs in buildings by up to 70 per cent.
Co-founded by Arun Shenoy and Mandar Kaprekar, the startup boasts of JSW, Cipla, Daimler, ISB, Godrej, Fortis and others as its clients.
Geothermal air-conditioning is a proven concept globally and largely used for heating in the western countries. However, geothermal is largely untapped in cooling dominated tropical countries such as India and it presents enormous potential with significant changes in design approach on the cooling side.
stated its Co-Founder Mandar Kaprekar .
GIBSS, which had earlier raised investments from SRI capital and Hyderabad Angels, looks to have a promising growth potential following the induction of a national geothermal policy by the Ministry of New and Renewable Energy (MNRE) a few weeks ago.
Infuse Ventures, which is backed by MNRE, had previously invested in the clean-tech solutions providers such as Ecolibrium Energy, Tessol, renewable energy services startup REConnect and solar-pumping startup Surya Power Magic, among others.
GIBSS also manufactures its own range of LED lamps as well.
The company’s ‘geothermal cooling systems’ solutions has been featured in the World Wildlife Fund’s (WWF) 2015 report on ‘Renewables for Lifestyle Shift’. The company states that its GHG (Green House Gas) reduction technology can effectively reduce air-conditioning operating costs by up to 60%.