2020: Started operations as a hydropower consultancy firm.
2021: Successfully commissioned Nepal’s first 12.25 MW solar power project.
2022: Expanded its solar consultancy portfolio beyond 200 MW and initiated an electrolyser manufacturing facility.
2023: Ventured into green hydrogen production, establishing itself as an early mover in India’s clean energy shift.

Led by Founder Mr. Sandeep Agarwal and Mr. Raj Kumar Agarwal, a former NTPC executive, the company blends technical know-how with strategic leadership. As of May 2024, its unlisted shares are valued at ₹750, giving it a market capitalization of ₹885 crore. Future projections suggest strong growth, with targets of ₹4,200 crore in revenue and ₹686 crore in profit after tax by FY2029, implying a forward P/E multiple of around 20x.

Business Segments

A. Electrolyser Manufacturing
The company is developing a 250 MW electrolyser facility in Sanand, Gujarat, with an initial investment of ₹100 crore. These electrolysers will be used to produce green hydrogen through water electrolysis. Although production has not yet started, Greenzo plans to offer in-house PEM electrolyser technology along with complete solutions, including financing and maintenance.

B. Renewable Energy Services
Greenzo delivers EPC services across solar, wind, and hydropower projects. Key projects include Nepal’s 12.25 MW solar plant, a 4 MW installation for API Power, and a 5 MW project in Chandranigahapur.

C. Green Hydrogen & Ammonia Consultancy
The company provides advisory services focused on demand-supply analysis, infrastructure feasibility, and export opportunities in green hydrogen and ammonia. It helps clients transition from traditional fuels to cleaner alternatives.

D. Fuel Cell Technology
Greenzo is also working on fuel cell systems that convert hydrogen into electricity, with applications in sectors such as transportation and backup power.

Advantages
Strategic Collaboration: Partnered with France-based EODev to bring hydrogen fuel cell generator technology to India and Nepal.
Expansion Plans: Committing ₹3,500 crore towards an electrolyser plant in Gandhinagar to scale green hydrogen production.
Project Portfolio: Secured a ₹500 crore EPC contract for a 120 MW solar project in Nepal.

Challenges
High Capital Requirements: Ongoing investments in infrastructure could put pressure on finances.
Competitive Landscape: Faces competition from well-established renewable energy companies.
Regulatory Complexity: Operating across different countries involves navigating varied regulatory frameworks, which may affect timelines.