Greenzo Energy India Ltd invests $50 million for Green Hydrogen Technology in Gujarat – EQ Mag
Greenzo to invest $50 mn in setting up 250MW electrolyser, bop manufacturing facility in Gujarat.
Delhi-based Greenzo Energy India Ltd is planning to invest USD 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 USD 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.
“We aim at setting up a cost-effective green electrolysis plant, supporting green hydrogen projects, and making our nation self-sufficient in the hydrogen initiative.”
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.
Pranay Mathur, CEO of Real Time Accelerator Fund, said: We are delighted to be part of the green field.
“This investment will not only benefit green fuel production and carbon footprint reduction, but it will also be a significant step toward providing a good quality of life to our future generation,”
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.
Source: PTI
