Delhi’s Greenzo Energy Invests $50 Mn in Green Hydrogen in Gujarat

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Delhi’s Greenzo Energy India plans to invest USD 50 million in the construction of a 250 MW electrolyser manufacturing plant and the Balance of Plant (BoP) for producing green hydrogen at Sanand-II Industrial Estate, a division of Gujarat Industrial Development Corporation (GIDC), in Gujarat.

According to corporate insiders, the manufacturing facility will, nevertheless, likely be finished by March 2024.

Accordingly, the business has a USD 1 million funding commitment from angel investor “Real Time Accelerator Fund” (SEBI-approved Category 1 AIF). Amit Singal, the founding partner of Fluid Ventures, has been chosen by the Fund to serve as the investors’ nomination director on the company’s board.

Sandeep Agarwal, Founder and Managing Director of Greenzo Energy India Ltd said that he is of the view that the growth of green hydrogen generation has been greatly sparked by the synergy, while adding, “We want to build a green electrolysis plant that is affordable, help green hydrogen projects, and help our country become self-sufficient in hydrogen.”

The business plans to direct the initial investment on market research, business development, lab equipment, technology evaluation, and hiring capable workforce and has applied for 20,000 square meters of land through the GIDC portal.

Pranay Mathur, CEO of Real-Time Accelerator Fund said they were thrilled to be a part of the Green Field.  “This investment will not only increase the production of green fuels and reduce carbon footprints, but it will also be a key step toward ensuring a high standard of living for our next generation,” he commented on the project.

Additionally, Greenzo has a memorandum of understanding (MoU) for project engineering with public limited companies situated in the UK, while it will work with its internal team of former NTPC officers and technology trailblazers from the Indian Institute of Technology for technological support (IIT).

This venture was started by Greenzo Energy Pvt Ltd, and the same promoters have established a public limited company, Greenzo Energy India Ltd, which will be solely dedicated to the development of green hydrogen in India.

The company is currently looking for partners and investors for its intentions to invest in and develop a portfolio of sustainable and profitable renewable energy projects, including large-scale solar and green hydrogen projects.

Gujarat is gaining popularity as a site for green hydrogen. A few months ago, Larsen & Toubro commissioned 380 kW of an 800 kW green hydrogen plant in the State.