Greenzo to Invest $50 Million in Setting Up 250 MW Electrolyser, BOP Manufacturing Facility in Gujarat

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.

Real Time Accelerator Fund has committed 1 million USD to the company (approved by SEBI as a Category 1 AIF). The Fund appointed Amit Singal (Founding partner, Fluid Ventures), as the investors’ nominee director to the company’s board.

The company signed an MOU with UK-based public limited corporations for project engineering. For technological support, its own team of ex-officers of National Thermal Power Corporation (NTPC), and technology mavericks at the Indian Institute of Technology, (IIT) will assist it.

We aim to set up a cost-effective green electriclysis plant and support green hydrogen projects. This will allow us to become self-sufficient in the hydrogen program. The facility will be able to produce 250 MW of electrolyzers annually,” Sandeep Agarwal (founder & MD, Greenzo Energy India Ltd) stated.

The company 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.

Pranay Mathur is the CEO of Real Time Accelerator Fund. He also stated, “We are thrilled to be part of this green field. This investment will not only help green fuel production and reduce carbon footprint, but it will also make a significant contribution to providing a high quality of life for our future generation. Greenzo Energy Private Limited launched the initiative. The same promoters created a public limited company, i.e. Greenzo Energy India Limited will focus exclusively on the renewable energy sector in India to develop green hydrogen.