New Delhi, Jun 1 (PTI) 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.

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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.

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The statement did not provide any further information related to the location of the plant.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)