- Press Releases
May 31 (Renewables Now) - Indian renewable energy consultancy and project developer GreenZo Energy Pvt Ltd plans to invest in the construction of a 250-MW electrolyser factory in order to reduce the country’s dependence on imports of this key green hydrogen production equipment.
The company said in a statement today that it intends to spend between INR 3 billion and INR 4 billion (USD 39m-52m/EUR 36m-48m) on the project by the end of 2025. Moreover, it plans to invest INR 70 million in PEM technology research and development (R&D) activities in the period 2022-2023.
GreenZo Energy believes that local production of electrolysers is crucial to bringing the cost of green hydrogen to between USD 1 (EUR 0.93) and USD 2 per kilogramme by the end of the decade. In addition to electrolysis equipment, the company also plans to provide solutions for hydrogen storage and transportation.
“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.
(INR 10 = USD 0.130/EUR 0.120)