GreenZo Energy Scales Up Its Green Investment
The renewable energy company has announced Rs 70 million for R&D of its green hydrogen electrolyser factory with 250MW capacity that it will set up in 2023
31st May 2022, NEW DELHI: India is the world’s fourth-largest renewable energy (RE) market. The speed at which the country is adapting to the change has also made it the fastest growing renewable energy market in the world, attracting large-scale projects as well as witnessing the emergence of several start-ups in the sector. Following Prime Minister, Shri Narendra Modi’s announcements at the G-20 Summit in Rome and the COP26 Summit in Glasgow in November 2021, the country has embarked on an ambitious mission to achieve its RE target of 450 GW by 2030 and achieve net-zero carbon emissions by 2070. However, there is one challenge –India is the third-largest global emitter of CO2. It will require all the stakeholders, especially the private sector to pitch in and do their part in achieving net-zero greenhouse gas emissions by 2070.
While some top energy companies were already exploring collaborations that are into green hydrogen energy and decarbonization technologies, some had already begun investing in new green businesses. GreenZo Energy is one such company.
One of the leading companies in renewable energy consultancy with projects cumulating up to 1500 MW in India, GreenZo Energy has now scaled up its mission to decarbonize the planet and aims to become a pioneer in the production of green hydrogen in India. It plans to set up a full-fledged made-in-India 250MW electrolyzer factory which would consume an investment of INR 3-4 billion by the end of 2025; this will ensure the availability of end-to-end solutions within the country and cut down dependence on imports for this key equipment. Local production of electrolyzers is crucial to bringing the cost of green hydrogen to $1-$2 per kilogram by 2030.
WHAT IS AN ELECTROLYSER?
Electrolyzer is an apparatus or system that is used to produce hydrogen. It is used to split water into oxygen and hydrogen through a process called electrolysis. When the electricity used in the process is sourced from renewable sources, the end product is called green hydrogen, which can then be used as fuel.
Sandeep Agarwal, Founder, and Chairman of GreenZo Energy have also announced an investment of over Rs 70 million in the R&D (Research & Development) department for the 250MW PEM technology production of the green hydrogen electrolyzer in 2022-23. The company has a highly credible R&D team, comprising experienced members of ex-NTPC and ex-IIT Bombay, in New Delhi. They are committed to discovering the safest and most effective solutions for using green hydrogen energy for the electrolysis process.
These developments have now put GreenZo Energy on the map of green hydrogen development worldwide. “It’s heartening and encouraging to find the company’s name featuring among key players in green hydrogen development. It is after all the need of the hour, and we are committed to help the country achieve its zero-carbon emission target,” says Agarwal. “There is a reason why green hydrogen is creating such a buzz in the world today. It has emerged as a key fuel that will play a crucial part in achieving a sustainable energy future and the time to build that is now. It will be adopted in sectors such as steel and ammonia where it is critical,” he added.
GreenZo Energy aims to sustainably fuel the next generation with green hydrogen at a viable cost. It will also be providing the safest solutions for storing, production, and generation as well as transportation of green hydrogen energy in the world of new renewable technology globally.
About GreenZo Energy:
Founded by Sandeep Agarwal, GreenZo Energy was born at a time when Renewable Energy projects were just taking off in the country. The company helps to accelerate the adoption of Renewable Energy in developing countries through expert consultancy services, and in-depth research and innovations. It is now one of the leading companies in renewable energy consultancy and has projects cumulating up to 1500 MW in India.
The company’s mission is not only to be the leading renewable energy developer in India but also to be the partner of choice for investors investing in solar power projects.
It has 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.