Greenzo Riding on the wave of next generation energy transition towards green hydrogen, Delhi- based Greenzo Energy India Limited has sought industrial plot in Sanand industrial estate from the Gujarat government for setting up a plant for manufacturing electrolysers and the balance of plant (BOP) for generating green hydrogen.
The company plans to invest $50 million (about ₹412 crore), of which it plans to invest about ₹50 crore in the first phase of development. The company has received an investment commitment of $1 million from Real Time Accelerator Fund (SEBI-approved Category 1 AIF).
Speaking to businessline, Sandeep Agarwal, Founder & MD of Greenzo Energy India Limited, said the company has developed the anion exchange membrane (AEM) electrolyzers technology in-house with its UK-based development partner. The technology integrates solar energy, wind energy and grid power to generate green hydrogen.
“There is no local manufacturer for electrolyzers in India. Electrolyzers are key component to make hydrogen generation plant. We are targeting SMEs. We will develop compact hydrogen generation plant in a containerised solution and these SMEs can benefit by taking these containerised plants to their production sites and generate hydrogen for their use,” said Agarwal.
The company looks to set up the 250 MW capacity per year in a phased manner to make electrolyzer stacks in capacities of 500 kilowatt, 1 megawatt (MW), 2 MW and 5 MW. The electrolyzers are used for electrolysis of water that helps in separating hydrogen and oxygen from water. “We will achieve 50 per cent capacity by December 2023, while we expect to achieve full commissioning by December 2024. We have already tied up to set up 50 MW project in Nepal, while other prospective buyers are Indian PSUs including GAIL, NTPC, IOC, BPCl among others.”
Company looks to provide cost-effective end-to-end solution for green hydrogen. Agarwal mentioned that the the company was undertaking research on reducing the cost of production. “We want our product to be globally competitive. Currently the stack coating and metallurgy involves usage of expensive metals like platinum and gold. We want to develop technology using nano fibre to make it cost effective,” said Agarwal.
The company has applied for 20,000 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”.
Founded by Agarwal Greenzo Energy is one of the leading companies in renewable energy consulting and has projects cumulating up to 1500 MW in India, the company said.
