New Delhi, December 05, 2022: Delhi- based Greenzo Energy India Limited will be setting up a state-of-the-art plant for manufacturing electrolysers and the balance of plant (BOP) for generating green hydrogen in the world-class Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC), Gujarat. For the same, the 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 board of the company.
Sandeep Agarwal, Founder & MD of Greenzo Energy India Limited, is driven by the latest developments and aims to provide end-to-end solutions for green hydrogen production and storage. “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,” 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.
Commenting on the funding, 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”.
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).
It is noteworthy mentioning that 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.