Real Time Accelerator Fund is committed to investing 1 Million USD in Greenzo Energy as an angel investor
Delhi- based Greenzo Energy India Limited will be setting up a state-of-the-art plant for manufacturing electrolysers and the balance of plant (BOP) for generating green hydrogen in the world-class Sanand-II Industrial Estate, a part of Gujarat Industrial Development Corporation (GIDC), Gujarat. For the same, the company has received an investment commitment of one million USD from Real Time Accelerator Fund (SEBI-approved Category 1 AIF). The Fund has decided to appoint Amit Singal (Founding Partner, Fluid Ventures) as investors' nominee director on the board of the company.
Sandeep Agarwal, Founder & MD of Greenzo Energy India Limited, is driven by the latest developments and aims to provide end-to-end solutions for green hydrogen production and storage. "This synergy is a big spark to start the development towards green hydrogen generation. We aim at setting up a cost-effective green electrolysis plant, supporting green hydrogen projects, and making our nation self-sufficient in the hydrogen initiative," he said.
The company has applied for 20000 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.
Commenting on the funding, 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 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).
It is noteworthy mentioning that Greenzo Energy Private Limited had launched this initiative, and the same promoters have now formed a public limited company, i.e. Greenzo Energy India Limited, which will be focused only on the renewable energy sector to develop the latest innovation in green hydrogen in India.
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 consulting services, in-depth research and innovations. It is now one of the leading companies in renewable energy consulting 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 green hydrogen 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.
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