A plant for manufacturing electrolysers and the balance of plant (BOP) will be set up by Greenzo Energy India Limited for generating green hydrogen in Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC), Gujarat. This Delhi-based company has received an investment commitment of one million USD from Real Time Accelerator Fund (SEBI-approved Category 1 AIF). The Fund has decided to appoint Amit Singal (Founding Partner, Fluid Ventures) as investors’ nominee director on the company board.
Sandeep Agarwal, Founder & MD of Greenzo Energy India Limited, aims to provide green hydrogen production and storage solutions. “This synergy is a big spark to start the development towards green hydrogen generation. We aim to set up a cost-effective green electrolysis plant, support green hydrogen projects, and make our nation self-sufficient in the hydrogen initiative,” he said.
The company has applied for 20000 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. The company has signed an MOU for project engineering with UK-based public limited companies Whereas, for technological support, it will be joining hands with its in-house team of ex-officers of the National Thermal Power Corporation (NTPC) and technology mavericks from the Indian Institute of Technology (IIT).
Pranay Mathur, CEO of Real Time Accelerator Fund, also added, “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”. Greenzo Energy Private Limited had launched this initiative, and the same promoters have now formed a public limited company, i.e. Greenzo Energy India Limited, which will be focused only on the renewable energy sector to develop the latest innovation in green hydrogen in India.