BOOTES, CargoPeople form JV to launch Net-Zero Cold Storage system in India
The joint venture aims for $1 billion net-zero cold storage projects in next five years and address India’s critical food waste challenge.
India’s first Net-Zero company BOOTES and logistic firm CargoPeople have come together in a joint venture to launch Net-Zero Cold Storage which they termed a revolutionary initiative addressing India’s critical food waste challenge.
BOOTES and CargoPeople look to prevent food waste in India with Net-zero cold storage and tackle the ever-growing energy demand in India with renewable energy, not fossil fuels. The vision is that no child should go hungry.
BOOTES Cold Chain has partnered with URBS (Urban Systems urbs AB) to leverage their expertise in sustainable technologies and finance, that will be required in the Indian cold storage sector. BOOTES Cold Chain sees this as a multi-billion-dollar opportunity to attract green financing for building new cold storage facilities. Their ambitious goal is to deliver USD 1 billion in net-zero cold storage projects over the next five years.
Aiming to transform India’s cold storage landscape, the joint venture will flourish under BOOTES Cold Chain expertise in Net-Zero technology and infrastructure and People’s expertise in the supply chain. BOOTES said that Net-zero cold storage can decrease food waste from 40% to 5% in the next 10 years, as it is 50% more efficient than traditional cold storage systems. This can increase the shelf life of the perishables.
The initiative has the impact of bringing down electricity consumption costs by 60%, offsetting 80% of carbon emissions for this planet, and aligns with the NET-ZERO goals of India.
Deepak Rai, Founder & MD at BOOTES said, “There will be an unmatched rise in temperature in the coming decade, the energy consumption in the next decade will be higher than ever, and approximately 60% of crops might get wasted in India. Cold storage is expensive in India; a farmer cannot afford expensive cold storage systems, which is why Net-Zero Cold storage is the need of the hour. Our cold storage model is aligned with the government’s NET-ZERO 2070 goals, and we hope that it will positively impact the children and the farmers of India.”
Manuj Adlakha, Founder & CEO from CargoPeople, adds, “The potential for growth is undeniable, with the Indian cold chain market projected to reach INR 3,79,870 crore by 2028, driven by rising demand and evolving consumer preferences. This collaboration has brought together our mutual expertise, resources, and commitment to making a positive impact.”
