Greenzo Energy India Limited will invest $50 million in the Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC) to build a plant for manufacturing electrolysers. The Real Time Accelerator Fund has committed for investing $1 million in the company.
The Fund has decided to appoint Amit Singal, Founding Partner, Fluid Ventures as the Fund’s nominee director on the company’s board of directors. The company signed a memorandum of understanding (MoU) for project engineering with two UK-based public limited companies.
The company has applied for 20,000 square metres of land through the GIDC portal. Also, the company is planning to route the initial investment towards market research, business development, lab equipment, technology evaluation, and appointing an able workforce.
Recently in December 2022, HomiHydrogen, a joint venture of h2e Power, BlueBasic AMA Engineering, and Greenstat Hydrogen India announced the establishment of an electrolyser manufacturing facility with capacity of 1.5 GW per annum. The facility in India aims for production for domestic and export markets.