The National Green Hydrogen Mission, launched on 4 January 2023, came with an investment of Rs19,744 crore, extending through 2029-30. In the Interim Budget for 2024, funding for the mission saw a significant rise, with allocations jumping from Rs100 crore in 2023-24 to Rs600 crore for 2024-25, which represents about 5 per cent of the mission’s overall budget for that period. The ministry for new & renewable energy has been allocated Rs19,100 crore, emphasising initiatives like PM KUSUM, PM Surya Ghar Muft Bijli Yojana, Green Energy Corridors and bio-energy efforts – all crucial to advancing the green hydrogen value chain.

Meanwhile, Gujarat has emerged as a Hydrogen Hub in this industrial development, partnering with major players such as Reliance, Adani, ArcelorMittal and Torrent, who have pledged substantial investments in green energy projects. The state government has sanctioned 1,990 sq km of land in the Kutch-Banaskantha border for establishing green hydrogen initiatives.

The company has showcased exceptional foresight by swiftly developing an commercially-viable Made-in-India electrolyser and establishing its Gujarat facility in tandem with the National Green Hydrogen Mission’s launch, effectively emerging as a one-of-a-kind first-mover in this growing sector.

“Our indigenous electrolysers are commercially viable,” affirms Agarwal. “We already have an order book of Rs1,200 crore, with orders not only from major private and public companies in India but also from the governments of Oman, Nepal and the UK. And the demand for green hydrogen is set to surge, especially in industries like steel, cement, fertilisers and transportation. To put things in perspective, if you compare its application, a car typically runs 12-20 km on 1 litre of petrol while, with just 1 kg of hydrogen, a car can travel 200-400 km, depending on the size of the vehicle. This shift can truly transform the energy landscape for our economy”.

As the green hydrogen sector gains momentum, numerous companies are attempting to carve out a bigger slice of the pie in this rapidly evolving market. “Within this ecosystem, we can identify three primary types of integrators for electrolysers,” adds Agarwal. “The first imports the electrolyser stack from countries like China and develops the balance of the plant, essentially the additional systems required to operate the electrolyser, in India. While this leverages local manufacturing capabilities, it lacks control over core technology, which can impede effective scaling. In the second method, most system components are imported, including purification units and hydrogen separators, while integrating the electrical systems is done locally. These companies typically function as EPC providers, assembling these imported systems for end-users. While this model facilitates market entry, it remains heavily reliant on foreign technology”.

The last system comprises integrators that establish partnerships with foreign players to set up electrolyser-manufacturing facilities. Although this involves domestic production, technology transfer is often constrained by global restrictions. Consequently, they can assemble electrolysers in India but may not fully control the design or innovation processes.

Vision and expansion

In contrast, Greenzo Energy, as the only stack manufacturer in India, is well-positioned to address this gap. The company offers a comprehensive suite of services, including detailed engineering, on-site installation, operations and maintenance (O&M), and rectification support, utilising AI and IoT-enabled SCADA systems.

“We ensure that each electrolyser stack meets the highest standards of efficiency and durability. Real-time monitoring of the production process allows for immediate detection and correction of errors. We also emphasise backward integration, and aim to manufacture all critical components like membranes and electrodes in-house by 2025. This ensures that the electrolysers are fully repairable within India, reducing downtime and minimising disruptions to hydrogen production. This is particularly crucial for industries that rely on a continuous hydrogen supply, as it helps lower operational costs while enhancing system reliability,” explains Agarwal.

The company’s initial production capacity in Sanand will be 250 MW and it will be investing R750 crore in the first phase. It is also planning geographical expansion of its manufacturing operations in Goa and Odisha between 2026 and 2030, to support its long-term vision to meet the growing demand for green hydrogen in both domestic and global markets.

Notably, it has maintained its debt-free status well into the second year of its operations and given the current investor sentiment and the influx of investment inquiries, it is confident in its ability to secure funding in a manner that aligns with its long-term strategic objectives.

“We are already planning for the production of fuel cells and Type IV hydrogen storage cylinders, which are essential for hydrogen transportation and storage, marking our forward integration in the hydrogen value chain,” adds Agarwal, while discussing the future of Greenzo Energy.

It’s worth mentioning that Greenzo Energy is not just riding the wave of the green hydrogen revolution – it’s helping to shape it. The company’s journey exemplifies how vision, innovation, and a commitment to sustainability can drive meaningful change. At the heart of this journey is Agarwal, a leader who saw beyond the obvious and dared to venture into uncharted territory. As he continues to steer Greenzo towards new horizons, one cannot help but feel that this is just the beginning of his inspiring movement that has the potential to change the way we power our world.