Greenzo Energy India will invest $50 million to manufacture 250 MW of anion exchange membrane (AEM) electrolyzers per year and the balance of plant (BOP) in the Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC).
The initial investment will be towards market research, business development, lab equipment,and technology evaluation.
The company has signed a memorandum of understanding for project engineering with UKbased public limited companies. For technological support, it will collaborate with its in-house team comprising former employees of the NTPC and technology experts from the Indian Institute of Technology (IIT).
Greenzo Energy India was launched to focus primarily on the renewable energy sector to develop the latest innovations in green hydrogen in India. The company works toward accelerating the adoption of renewable energy in developing countries through consulting services, research, and innovations. In July, Greenzo Energy inked an agreement with Nepal-based company API Power to develop 50 MW green hydrogen plants in the next three years. API Power will invest Rs.10 billion (~$120.98 million) in the 50 MW green hydrogen projects, generating 4,000 MT of hydrogen annually
“We aim to set up a cost-effective green electrolysis plant, supporting green hydrogen projects, and making our nation self-sufficient in the hydrogen initiative,” Sandeep Agarwal, Founder & MD of Greenzo Energy India, said.