- The firm plans between INR 3 billion and INR 4 billion by 2025.
- INR 70 million will go into PEM R&D.
GreenZo Energy, an Indian renewable energy consultancy and project developer, has shared its plans to invest in the construction of a 250MW electrolyser factory. The investment aims to reduce India’s dependency on imports of electrolyser for green hydrogen production.
GreenZo Energy, in a statement, revealed that its intention is to spend between INR 3 billion and INR 4 billion on the project by the end of 2025. In addition, the company will invest INR 70 million into PEM technology research and development (R&D) activities between 2022 and 2023. The company holds faith that local manufacturing of electrolysers is pertinent to reducing the cost of green hydrogen to between USD 1 and USD 2 per kilogramme by 2030. GreenZo also plans solutions for hydrogen storage and transportation in addition to the electrolyser plans.
“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,” stated Sandeep Agarwal, founder and chairman of GreenZo Energy.
As a renewables developer, the company has projects cumulating up to 1,500 MW in India.