Investment titans Pankaj Prasoon and Ashish Kacholia spearhead a $23 million funding round for CORE Energy
CORE Energy Systems Bolsters Capabilities with Rs. 200-Crore Funding Round
In a significant move for India's nuclear and defence sectors, CORE Energy Systems Ltd has secured a Rs. 200-crore funding round, led by Pankaj Prasoon and Ashish Kacholia. This investment marks the start of an expansion strategy aimed at strengthening the company's manufacturing infrastructure, research and development (R&D), and precision engineering capabilities.
The funds will help CORE Energy advance its capacities in critical nuclear components production, advanced defence subsystems, and precision engineering. The company is targeting enhanced safety and reliability standards compliant with ISO 19443 certification.
CORE Energy's expansion strategy is aligned with India's national goal of increasing nuclear power from the current 8.88 GWe to 100 GWe by 2047. The company aims to support this growth by localizing technology and strengthening supply chains.
One of the key elements of CORE's expansion strategy is the refurbishment of India's oldest nuclear plant at Tarapur, which is currently underway. However, the completion of this project is not mentioned in the current information.
The company also plans to foster global partnerships to localize advanced technologies for defence subsystem production and improve the technological base in strategic sectors. This strategy is expected to bolster India's nuclear infrastructure, accelerate the Small Modular Reactor (SMR) and Bharat Modular Reactor (BMR) programmes, and scale up defence production through localized, cutting-edge technology partnerships.
The exit of early investor IDBI Capital Markets & Securities and the fresh infusion from strategic backers signify CORE's evolving growth phase aimed at meeting stringent nuclear sector demands and scaling up to meet India's ambitious energy goals.
CORE Energy Systems, founded more than two decades ago, offers engineering, procurement, and construction (EPC) services, as well as management services in the power sector. The company currently operates in India, providing EPC services for the power sector.
The Indian government has set an ambitious target of achieving a 100 GW nuclear capacity by 2047 as part of its Viksit Bharat vision and Net Zero emissions goal. CORE Energy Systems will contribute to this goal by localizing technologies via global partnerships.
It is not specified whether this is the first or a subsequent funding round for CORE Energy. The latest funding will be used by CORE Energy to expand its capacities across infrastructure, manufacturing, and research and development, but not for the refurbishment project at the Tarapur nuclear facility.
[1] Atmanirbhar Bharat Abhiyan [2] Department of Atomic Energy [3] CORE Energy Systems Ltd [4] Pankaj Prasoon [5] Ashish Kacholia
- The investment secured by CORE Energy Systems Ltd from Pankaj Prasoon and Ashish Kacholia signifies a strategic move towards expanding capabilities in the energy sector, especially in finance and technology, aiming to bolster India's nuclear infrastructure and support the country's goal of increasing nuclear power capacities.
- The advancement in CORE Energy's capacities in critical nuclear components production, advanced defence subsystems, and precision engineering, funded by the latest investment, is expected to attract potential investors in the finance and technology industries, aligning with India's Atmanirbhar Bharat Abhiyan and the Department of Atomic Energy's vision for an energy-independent nation.
