NEW DELHI: Greenzo Energy India Limited will be setting up a state-of-the-art plant for manufacturing electrolyzers and the balance of plant (BOP) for generating green hydrogen with an investment of $50 million in the Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC), Gujarat.
The company has received an investment commitment of 1 million USD from the Real Time Accelerator Fund (SEBI-approved Category 1 AIF). The Fund has decided to appoint Amit Singal (Founding Partner, Fluid Ventures) as the investors’ nominee director on the board of the company.
The company signed an MOU for project engineering with UK-based public limited companies Whereas, for technological support, it will be supported by its in-house team of ex-officers of the National Thermal Power Corporation (NTPC) and technology mavericks from the Indian Institute of Technology (IIT).
“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. This facility will have the capacity to manufacture 250 MW of electrolyzers per year,” Sandeep Agarwal, founder & MD of Greenzo Energy India Ltd said.
The company has applied for 20000 sq. mt. of land through the GIDC portal and is and is planning to route the initial investment towards market research, business, development, lab equipment, technology evaluation, and appointing an able workforce.