Greenzo Energy India Ltd has raised approximately ₹251 crore ($26.4 million) through three funding rounds to expand its green hydrogen business, strengthen electrolyser manufacturing and accelerate project execution. The latest round of ₹130 crore ($13.7 million), led by investor Ashish Kacholia and his associates, valued the company at approximately ₹1,030 crore ($108 million) post-money.
The latest funding round saw participation from institutional and private investors, including Alchemy Longterm Venture Fund Series 3, Lashit Sanghvi, Siddharth Sunder Iyer and Nova Global Opportunity Fund PCC – Touchtone. CA Prince Harjai, Partner at PARV And Co., acted as Greenzo Energy’s exclusive financial advisor for the transaction.
Funding to Support Manufacturing and Technology Development
Greenzo Energy plans to use the funds to expand domestic electrolyser manufacturing, strengthen backward integration and increase investment in research and development. The capital will also support working capital requirements and help the company speed up project execution in India and international markets.
Sandeep Agarwal, Founder and Managing Director of Greenzo Energy India Ltd, said the total capital raised across the three rounds reflects investor confidence in the company’s technology roadmap and execution capabilities.
He added that policy support for green hydrogen in India is helping establish the foundation for a domestic industry. The company plans to use the funds to build indigenous manufacturing capabilities, advance technology and deliver integrated solutions for customers in India and overseas.
Investors Highlight Green Hydrogen Potential
Ashish Kacholia and Lashit Sanghvi of Alchemy Longterm Venture Fund highlighted Greenzo Energy’s potential to contribute to India’s clean energy transition and industrial decarbonisation.
They noted the company’s technical expertise, domestic electrolyser manufacturing capabilities and execution plans as important factors in building a globally competitive clean energy business. Green hydrogen is increasingly being explored as a cleaner alternative for industrial applications that are difficult to electrify directly.
250 MW Electrolyser Manufacturing Facility in Gujarat
Greenzo Energy operates an electrolyser manufacturing facility with an annual capacity of 250 MW at Sanand GIDC in Ahmedabad, Gujarat. The facility manufactures alkaline water electrolysers and integrated Balance of Plant (BoP) systems, which support the operation of hydrogen production facilities.
The company also provides engineering, procurement and construction (EPC) services, along with operations and maintenance (O&M) support for green hydrogen projects.
Its completed projects include megawatt-scale green hydrogen installations for industrial companies such as Engineers India Ltd (EIL), Oswal Energies and Jindal Stainless Ltd (JSL).
The latest capital raise is expected to support Greenzo Energy’s efforts to expand manufacturing, develop its technology portfolio and execute green hydrogen projects as India works to build its domestic hydrogen ecosystem.
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