GreenZo Energy on Wednesday said it is planning to invest up to Rs 400 crore to set up a 250 MW electrolyser factory. The company will also spend Rs 70 crore on the R&D (Research & Development) for the production of the green hydrogen electrolyzer in 2022-23, the company said.
In a statement, the company said, “It plans to set up a 250 MW electrolyser factory, which would consume an investment of Rs 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 electrolysers is crucial to bringing the cost of green hydrogen to USD 1-2 per kilogram by 2030”.
Sandeep Agarwal, founder and Chairman of GreenZo Energy, said the company will invest over Rs 70 million on the R&D department on technology for production of the green hydrogen electrolyzer in 2022-23. The statement did not provide any further information related to the location of the plant.
