Greenzo Energy invests on green hydrogen technology

Greenzo Energy India Ltd is planning to invest $50 million for the development of a 250 MW manufacturing plant of electrolysers and the Balance of Plant (BoP) for generating green hydrogen at Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC), Gujarat.

However, the manufacturing facility is expected to be completed by March 2024, as per the company sources.

In line with this, the company has received an investment commitment of $1 million from angel investor ‘Real Time Accelerator Fund’ (SEBI-approved Category 1 AIF). The Fund has decided to appoint Amit Singal, Founding Partner of Fluid Ventures as investors’ nominee director on the company’s board.

Sandeep Agarwal, Founder & MD of Greenzo Energy India Ltd, said – This synergy is a big spark to start the development towards green hydrogen generation.

The company has applied for 20,000 sq. mt. of land through the GIDC portal and is planning to route the initial investment towards market research, business development, lab equipment, technology evaluation, and appointing an able workforce.

Besides, the company has signed an MoU for project engineering with UK-based public limited companies, whereas, for technological support, it would be joining hands with its in-house team of ex-officers of NTPC and technology mavericks from the Indian Institute of Technology (IIT).

Greenzo Energy Pvt Ltd had launched this initiative, and the same promoters have now formed a public limited company, i.e. Greenzo Energy India Ltd, which will be focused only on the renewable energy sector to develop the latest innovation in green hydrogen in India.

Meanwhile, the company has further plans to invest in and develop a portfolio of sustainable and profitable renewable energy projects, including large-scale solar and green hydrogen projects and is seeking partners and investors for the same.