Delhi's Greenzo Energy Invests $50 Mn in Green Hydrogen in Gujarat
- Delhi's Greenzo Energy India prepares to invest USD 50 million in the construction of a 250 MW electrolyser manufacturing plant as well as the Balance of Plant (BoP) for creating green hydrogen at Sanand-II Industrial Estate, a division of Gujarat Industrial Development Corporation (GIDC), in Gujarat.
Delhi's Greenzo Energy India plans to invest USD 50 million in the building of a 250 MW electrolyser factory as well as the Balance of Plant (BoP) for generating green hydrogen at Sanand-II Industrial Estate, a division of Gujarat Industrial Development Corporation (GIDC), in Gujarat.
According to company experts, the manufacturing center will, nevertheless, likely be finished by March 2024.
Appropriately, the business has a USD 1 million financing commitment from angel financier "Actual time Accelerator Fund" (SEBI-approved Category 1 AIF). Amit Singal, the founding companion of Fluid Ventures, has actually been selected by the Fund to function as the investors' election director on the firm's board.
Sandeep Agarwal, Founder and Managing Director of Greenzo Energy India Ltd said that he is of the sight that the development of green hydrogen generation has been considerably stimulated by the harmony, while including, "We wish to build a green electrolysis plant that is economical, help green hydrogen projects, and also aid our country come to be self-sufficient in hydrogen."
Business plans to guide the initial financial investment on market research, company development, lab devices, technology analysis, and also employing capable workforce and also has actually made an application for 20,000 square meters of land with the GIDC portal.
Pranay Mathur, Chief Executive Officer of Real-Time Accelerator Fund stated they were enjoyed belong of the Green Field. "This investment will not just raise the production of green fuels and minimize carbon footprints, however it will likewise be a key step towards making certain a high requirement of living for our next generation," he discussed the project.
In addition, Greenzo has a memorandum of understanding (MoU) for project engineering with public restricted business positioned in the UK, while it will deal with its internal group of previous NTPC officers and technology trendsetters from the Indian Institute of Technology for technological support (IIT).
This venture was started by Greenzo Energy Pvt Ltd, and the same promoters have actually established a public restricted business, Greenzo Energy India Ltd, which will certainly be entirely committed to the development of green hydrogen in India.
The firm is currently searching for partners as well as financiers for its intents to invest in and also create a portfolio of lasting and also profitable renewable resource projects, consisting of large-scale solar and green hydrogen projects.
Gujarat is obtaining appeal as a site for green hydrogen. A few months back, Larsen & Toubro appointed 380 kW of an 800 kW green hydrogen plant in the State.