In an interview with Electronics Buzz, Akshay Kashyap, Managing Director of Greenfuel Energy Solutions, speaks with Gunjan Bagri about his entrepreneurial journey, India’s energy transition, and the role of indigenous innovation in green mobility. From pioneering India’s first locally designed CNG kit to advancing hydrogen and battery storage solutions, he shares how Greenfuel is shaping India’s clean energy future while balancing technology, sustainability, and spiritual leadership.
Read the full interview here:
EB: What motivated you to start Greenfuel Energy Solutions, and how has your vision for the company evolved since its inception?
Akshay: My journey to founding Greenfuel Energy Solutions began after returning to India from the USA, where my mechanical engineering background and experience in global markets exposed me to precision manufacturing. It was here that I recognized a significant need and opportunity for indigenous green mobility solutions. I was also inspired by my family’s legacy of entrepreneurship, which created the iconic Globe geometry boxes. This motivated me to build something similarly enduring and impactful.
A deep belief that technology can solve critical climate challenges, aligned with India’s net-zero goals, was another key motivator. I founded Greenfuel in 2006 with a team of six people. The initial vision was simple yet bold: to accelerate India’s transition to clean energy solutions.
Since then, this vision has evolved significantly. Today, Greenfuel is a tier 1 supplier to leading OEMs, with revenues of over INR 300 crore and a team of more than 300 people. Our vision has expanded to not just participate in, but actively lead India’s clean energy transformation, ensuring the nation becomes a clean energy powerhouse.
EB: How do you see India’s energy transition differing from global trends, and what unique opportunities does this create for domestic technology providers?
Akshay: India’s energy transition is marked by ambitious, government-led goals that create a unique landscape of opportunities. The government has set clear targets of installing 500 GW of non-fossil electricity capacity by 2030 and achieving Net Zero by 2070, which creates massive domestic demand. A specific focus is the mission to make India a ‘global hub’ for green hydrogen, targeting a production capacity of at least 5 million Metric Tonnes (MMT) per annum by 2030, supported by an associated 125 GW of renewable energy capacity. This strong national push provides a clear direction and incentive for local companies.
I personally see a huge opportunity in India’s Transport Sector’s where the GHG emissions (in 2020) was approximately 272 million tons of CO₂, with road transport—especially trucks—accounting for over 92% of those emissions. Where the medium- and heavy-duty trucks (MHDTs), though only ~2% of registered vehicles, contributed to approximately 49% of on-road transport emissions and about 35% of on-road fuel consumption.
Therefore, Green Hydrogen used in heavy duty trucks presents a unique opportunity, especially in the H2 FCEV (Fuel Cell Electric Vehicle), which can help save 2 lakh tones of CO2 emission, if just 20k heavy duty trucks are converted to H2 FCEV and will also help save $5 Bn in forex. In order to reach this scenario,the OEMs needs to focus on bringingdown the on-road price of H2 FCEV and subsequently we the must also increase the efficiency of electrolyzers to bring down the cost green hydrogen.
EB: What were the key challenges in introducing India’s first locally designed CNG kit, and how did you overcome them?
Akshay: When we started our journey in 2006, adoption was largely driven by government mandates and was mostly confined to buses and three-wheelers. The OEM market was very small and the market was dominated by the existing local conversion market often suffered from subpar product quality and poor installations, which created significant hesitation and distrust among potential customers.
To overcome these hurdles, we made education our first priority, investing significant time and effort in demonstrating the long-term economic and environmental benefits of our solutions to both customers and industry stakeholders. We also focused relentlessly on technical excellence, upgrading our system specifications to meet and even exceed international benchmarks. By building reliability into our high-pressure systems and adopting global standards in engineering, manufacturing, and testing, we ensured that safety and performance were non-negotiable. This combination of education and a commitment to quality helped shift perceptions, turning CNG systems for vehicles from a compliance issue into a ‘fit it and forget it’ mentality.
EB: With rising energy demand from data centers, AI, and industry, what role do you see green mobility and battery innovations playing in supporting sustainable infrastructure growth?
Akshay: India’s energy demand is set to rise significantly, driven by rapid digitalization and industrial growth. Data centres alone are projected to consume ~5 GW of power by 2025 and up to 20 GW by 2030, largely due to the exponential rise of AI workloads and cloud computing. At the same time, India’s industrial electricity demand is expected to grow at ~6–7% annually, making reliable, clean, and scalable energy solutions a national priority.
While solar and wind are becoming the backbone of India’s clean energy transition, their variability creates challenges for 24×7 operations in sectors like AI-driven data centres, advanced manufacturing, and process industries. This is where energy storage becomes critical.
At Greenfuel, we are developing containerised energy storage systems (5MWh onwards) designed to capture and store renewable power efficiently. These modular, plug-and-play solutions ensure uninterrupted energy availability, reduce reliance on fossil-based backup systems, and support India’s journey towards net-zero by 2070.
India’s residential power consumption is expected to grow by ~6% annually, driven by rising urbanization, electric appliances, and adoption of rooftop solar, while the overall electricity demand is projected to triple by 2040. To support this sustainable infrastructure growth, Greenfuel is developing advanced Battery Energy Storage Systems (BESS) — from home inverter Li-ion batteries for residential users that integrate seamlessly with solar panels.
EB: How do you ensure quality, longevity, and scalability in clean energy hardware manufacturing in India’s competitive market?
Akshay: We ensure quality, longevity, and scalability by embedding a commitment to technical excellence and customer-centricity into our core operations. Our 19-year legacy is built on a foundation of reliability. We have sold over 10 million gas fuel components that have collectively travelled more than 80 billion kilometres with zero defects. This record is a testament to our stringent quality control. We adhere to global best practices in manufacturing, safety, and service from design to deployment, ensuring our products meet both Indian and international safety norms. This focus on quality makes us a dependable, long-term partner for our customers.
At Greenfuel, we place the highest emphasis on manufacturing excellence and quality management, ensuring every product meets global benchmarks of reliability and safety. We have embedded Poka-Yoke and process interlinkage across our lines to eliminate errors at source, while embracing digitalisation and IoT for real-time monitoring and efficiency. Each product is backed by end-to-end traceability through laser-marked QR codes, with regulatory compliance ensured via OCR camera inspections. Our automated systems, including End-of-Line inspection through high-precision cameras and contact-type gauges, guarantee consistency and performance. Continuous Kaizen activities and supplier upgradation programs further strengthen our ecosystem, enabling us to deliver innovative, future-ready energy solutions with uncompromised quality.
EB: As someone who blends entrepreneurship with spiritual philosophy, how does this influence your leadership style and decision-making?
Akshay: As an entrepreneur, I see business not merely as a pursuit of growth and profits, but as a journey guided by the 3Ps – People, Planet, and Purpose. My grounding in spiritual philosophy shapes my leadership by fostering clarity, patience, and empathy, which helps me stay true to these principles. At Greenfuel, this means putting the customer first, driving innovation with passion, and building a culture of collaboration and respect across all stakeholders. It allows me to look beyond short-term wins and focus on decisions that create sustainable, long-term value. This blend of entrepreneurship and spirituality empowers me to remain resilient in challenges, unbiased in judgment, and committed to building solutions that not only advance clean energy but also positively impact society and the environment.
