A state-of-the-art facility for producing electrolysers and the balance of the plant (BOP) for producing green hydrogen will be built by the Gujarat Industrial Development Corporation (GIDC(headquartered )'s in Delhi) Sanand-II Industrial Estate.
Real Time Accelerator Fund has pledged to invest $1 million in the startup for the same purpose (SEBI-approved Category 1 AIF). Amit Singal, Fluid Ventures' founding partner, has been chosen by the Fund to serve as the investors' nomination director on the company's board of directors.
Sandeep Agarwal, the founder and managing director of Greenzo Energy India Limited, is motivated by contemporary advancements and seeks to offer complete solutions for environmentally friendly hydrogen production and storage. "The development toward green hydrogen generation is greatly sparked by this synergy. In order to make our country self-sufficient in the hydrogen initiative, we seek to establish a cost-effective green electrolysis plant, encourage green hydrogen projects, and "he stated.
The business has submitted a GIDC portal application for 20,000 square metres of land, and it intends to direct the initial investment on market analysis, business development, lab equipment, technology evaluation, and hiring qualified staff.
Pranay Mathur, CEO of Real Time Accelerator Fund, said on the funding, "Being a member of the green field makes us happy. This investment will contribute to the development of green fuels and the reduction of carbon footprints, but it will also be a key step toward ensuring a high standard of living for our next generation ".
The company and public limited companies in the UK have an MOU for project engineering. While for technical assistance, it will work with its own team of former National Thermal Power Corporation (NTPC) officers and technology trailblazers from the Indian Institute of Technology.
It is important to note that Greenzo Energy Private Limited had initiated this project; however, the same promoters have since established a public limited company, dubbed Greenzo Energy India Limited, which will be solely dedicated to the development of the newest green hydrogen technology in India.