New Delhi-based Greenzo Energy India Limited will start rolling out electrolysers required for green hydrogen generation from its Sanand facility from March 2024.
The company is setting up a modern facility at Sanand near Ahmedabad to manufacture electrolysers and the balance of plant (BOP) for generating green hydrogen, which will be commissioned in the next 7-8 months.
“In the first phase we are investing ₹100 crore for the facility. This will enable manufacturing of indigenous electrolysers with capacity of 1 MW, 2 MW and 5 MW. The combined installed capacity will be 250 MW per annum. And we expect to roll out first machine from March 2024,” said Sandeep Agarwal, Founder & Managing Director, Greenzo Energy India, at a media briefing in Ahmedabad.
The company has funded the investments through a mix of promoter equity, private equity and debt. “We have already infused promoter equity of ₹10 crore, ₹20 crore is debt and ₹70 crore is private equity,” said Agarwal.
The company already has orders worth ₹1,100 crore to be executed in the next three years — including one in Nepal, and some other prospective buyers from Indian PSUs including GAIL, NTPC, IOC, BPCl among others.
“The India market for electrolysers is expected to be worth $19 billion by 2030. But there is no indigenous manufacturing. There is a big opportunity to cater to this huge demand,” said Agarwal. The electrolysers are used for electrolysis of water that helps in separating hydrogen and oxygen from water.
Greenzo has developed the anion exchange membrane (AEM) electrolysers technology in-house with its UK-based development partner. The technology integrates solar energy, wind energy and grid power to generate hydrogen.
The electrolysers are key component to make hydrogen generation plant. Currently, these electrolysers are imported and cost around ₹16-17 crore, and those manufactured indigenously, will cost around ₹12-13 crore. The machine can generate 18 kg of hydrogen for each MW of energy used in an hour.
At the company’s new facility, Greenzo will set up a research & development unit, besides a classroom facility. “We are engaging with universities and engineering institutions to allow their students from the mechanical and other relevant streams to come here and learn about this technology. It is much required to prepare workforce who can operate and understand these machines. We are in talks with a couple of institutes to introduce a chapter also in their final year of engineering about this technology,” said Agarwal.
Greenzo Energy has already accumulated renewable energy consulting projects totaling 1,500 MW in India.