For the purpose of producing anion exchange membrane (AEM) electrolyzers for the production of green hydrogen, Greenzo Energy will invest $50 million in Gujarat. As an angel investor, Real-Time Accelerator Fund has promised to put $1 million USD into Greenzo Energy.
In a significant statement, Greenzo said that it would build a cutting-edge facility to help with the production of electrolyzers and the balance of plant (BOP) for producing green hydrogen. The company will spend $50 million in Gujarat’s renowned Sanand-II Industrial Estate, a division of the Gujarat Industrial Development Corporation (GIDC).
Real-Time Accelerator Fund has committed to investing $1,000,000 in the company to assist it to complete the project (SEBI-approved Category 1 AIF). On the company’s board of directors, Amit Singal (founding partner of Fluid Ventures) will be named as the nominee of the investors.
The founder and managing director of Greenzo Energy India Limited, Sandeep Agarwal, who prioritizes staying current with technological advancements and seeks to offer comprehensive solutions for the production and storage of green hydrogen, said of the partnership, “This synergy is a big spark to start the development towards green hydrogen generation. In order to make our country self-sufficient in the hydrogen initiative, we want to set up a cost-effective green electrolysis facility, support green hydrogen initiatives, and implement green electrolysis. This factory will be able to produce 250 MW of electrolyzers annually.
The company has already submitted a GIDC portal application for 20,000 square meters of land. Additionally, it is allocating the initial funding for market research, company development, lab equipment, and technological evaluation, as well as for hiring competent employees.
Pranay Mathur, CEO of Real-Time Accelerator Fund, commented on the funding, saying, “We are thrilled to be part of the green field. This investment will help produce green fuel and reduce carbon emissions, but it will also go a long way toward ensuring that our next generation has a high standard of living.
To ensure the project’s success, Greenzo has formed a few collaborations. It has signed an MoU with UK-based public limited firms for project engineering. On the other hand, it has partnered with an internal team of former NTPC officers and technology trailblazers from the Indian Institute of Technology for technological support (IIT).
This venture is being led by Greenzo Energy Private Limited, and the same promoters have since established Greenzo Energy India Limited, a public limited company. To develop the newest green hydrogen technology in India, the new business will concentrate on the renewable energy industry.
Additionally, the company and API Power have teamed up to build 50 Mw green hydrogen reactors throughout Nepal by 2025.
With projects totaling 1500 MW in India, Greenzo is a force to be reckoned with in the consulting industry for renewable energy. Greenzo Energy, founded by Sandeep Agarwal, is committed to accelerating the uptake of renewable energy in developing nations through professional consulting services, in-depth research, and inventions.
The company, Greenzo, is actively seeking to develop and invest in large-scale solar and green hydrogen projects. The company has set its sights on becoming a leading renewable energy developer in the nation and a partner of choice for investors investing in green hydrogen projects.
