Delhi-based Greenzo Energy India said it will invest $50 million to manufacture 250 MW of anion exchange membrane (AEM) electrolyzers per year and the balance of plant (BOP) in the Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC).

“We aim to set up a cost-effective green electrolysis plant, supporting green hydrogen projects, and making our nation self-sufficient in the hydrogen initiative,” Sandeep Agarwal, Founder & MD of Greenzo Energy India, said.

The company aims to provide end-to-end solutions for green hydrogen production and storage.

The initial investment will be towards market research, business development, lab equipment, and technology evaluation.

Additionally, the company said it received an investment commitment of $1 million from angel investor Real Time Accelerator Fund.

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 a memorandum of understanding for project engineering with UK-based public limited companies.

For technological support, it will collaborate with its in-house team comprising former employees of the NTPC and technology experts from the Indian Institute of Technology (IIT).

Greenzo Energy India was launched to focus primarily on the renewable energy sector to develop the latest innovations in green hydrogen in India.

The company works toward accelerating the adoption of renewable energy in developing countries through consulting services, research, and innovations.

In July, Greenzo Energy inked an agreement with Nepal-based renewable energy company API Power to develop 50 MW green hydrogen plants in the next three years. API Power will invest ₹10 billion (~$120.98 million) in the 50 MW green hydrogen projects, generating 4,000 MT of hydrogen annually.

Earlier in April, NTPC Renewable Energy issued a notice for upcoming invitations for bids to select electrolyzer technology providers to participate in green hydrogen tenders for two years.