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Indian Ministry of Mines Empowers Five Start-ups with Funding for Innovation in Mining and Minerals Sector

New Delhi: Pralhad Joshi, the Union Minister of Coal, Mines, and Parliamentary Affairs, recently allocated financial grants to five start-ups aimed at fostering innovation within the mining and mineral sector. This initiative, part of the Science and Technology Programme (S&T program) under the Ministry of Mines, has a longstanding history of supporting research and development endeavors since 1978.

 

Expanding the program’s scope, the Ministry introduced S&T-PRISM in November 2023, specifically targeting start-ups and MSMEs (Micro, Small, and Medium Enterprises) in the mining and mineral sector. The objective is to bridge the gap between research and commercialization while nurturing a conducive ecosystem for the sector’s entire value chain. Out of 56 participating start-ups/MSMEs, five were chosen for funding totaling Rs. 6 crores based on predefined milestones.

 

In addition to financial assistance, the selected entities will receive mentorship, incubation support, and technical guidance throughout their project duration from a dedicated Facilitation & Mentorship Team, operating under the Implementing Agency, Jawaharlal Nehru Aluminium Research Development and Design Center in Nagpur.

The financial grants were formally presented on February 29, 2024. Here are the details of the selected start-ups and MSMEs:

1. Ashvini Rare Earth Pvt. Ltd., Pune, Maharashtra, awarded Rs. 1.5 crore for establishing a pilot plant to extract Neodymium-Praseodymium metal from Neodymium-Praseodymium oxide using the Calcio-thermic reduction route.

2. Saru Smelting Pvt Ltd., Meerut, Uttar Pradesh, granted Rs. 1.16 crore for setting up a pilot scale plant for a Lithium ion-electro fusion reactor catering to alkali metals.

3. L N Indtech Services Pvt Ltd, Bhubaneswar, Odisha, received Rs. 0.40 crore for enhancing the efficiency and sustainability of Alumina Hydrates production through electrolysis of Sodium Carbonate, with Hydrogen as a byproduct.

4. Cellark Powertech Pvt. Ltd., Cuttack, Odisha, allocated Rs. 1.7 crore for establishing a pilot scale production facility for high purity battery-grade silicon material, crucial for lithium-ion battery anodes.

5. Caliche Private Limited, Shillong, Meghalaya, provided Rs. 1.2 crore for developing GARBH, a software aimed at exploring Rare-Earth-Elements.

The Ministry of Mines will open submissions for the next round of S&T PRISM proposals from March 1, 2024, with a deadline of April 30, 2024.

This story has been sourced from PIB.

Tags: Startup