Greenzo Energy India will set up an anion exchange membrane (AEM) electrolyzer factory in Gujarat with an investment of $50 million. The facility will have the capacity to manufacture 250 MW of electrolyzers per year, Sandeep Agarwal, founder and managing director at Greenzo, told pv magazine.
The Greenzo factory will come up at Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corp.
For the project, Greenzo has received an investment commitment of $1 million from the Real Time Accelerator Fund–a Category 1 Alternative Investment Fund approved by SEBI. The balance of the project cost will be met through Greenzo’s own resources, debt, and other investors.
Agarwal said the factory will start production at its 50% capacity by March 2024 and will be running at the full capacity of 250 MW/year by December 2024 depending on the quantum of orders received. It will produce 500 kW, 1 MW, 2 MW, and 5 MW electrolyzer stacks with optimized power consumption based on advance technology.
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.
Greenzo 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).
Greenzo Energy is one of the leading companies in renewable energy consulting with projects cumulating up to 1.5 GW in India. It plans to invest in and develop a portfolio of sustainable and profitable renewable energy projects, including large-scale solar and green hydrogen projects, and is seeking partners and investors for the same.
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