When was Greenzo Energy India Limited incorporated?

Greenzo Energy India Limited was incorporated in 2022 in Delhi under CIN U29309DL2022PLC407203. At just 2 years old, it is a very early-stage company in India's nascent green hydrogen sector.

What is the CIN code U29309 for Greenzo Energy?

CIN activity code '29309' relates to the manufacture of other general-purpose machinery not elsewhere classified — which encompasses electrolyser manufacturing as a specialised industrial machinery segment. The 'U' prefix indicates the company has never been listed on a stock exchange.

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Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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Investment Thesis

Greenzo Energy India Limited is a Delhi-based 2022-incorporated startup positioned at the frontier of India's green hydrogen and electrolyser manufacturing sector. With India's National Green Hydrogen Mission providing ₹19,744 crore in government support and ambitious 5 MMT/year production targets, the policy backdrop for domestic electrolyser manufacturers is highly favourable. At ₹600 per share in the unlisted market, the company commands a significant growth premium reflecting sector excitement rather than proven operational scale. This is a high-conviction thematic bet on India's energy transition, but carries substantial early-stage execution risk, technology competition, and market timing uncertainty. Investors should evaluate the founding team's technical credentials, any PLI applications filed, and partnership announcements before committing capital.

Pros

Revenue ₹14.9 Cr (FY24) — strong scale for a company incorporated November 2022; rapid ramp-up in solar EPC.
Solar EPC + green hydrogen focus — dual alignment with India's PM Kusum, PM Surya Ghar, and National Green Hydrogen Mission.
Authorized ₹13 Cr; paid-up ₹11.85 Cr — well-capitalized for a young renewable energy company.
New Delhi headquarters — proximity to government procurement and policy ecosystem for renewable energy.

Cons

Unlisted — no secondary market; incorporated November 2022, only 2 years of operating history.
No ISIN confirmed; solar EPC is a highly competitive sector with thin margins and payment cycle risks.
Green hydrogen is still early-stage in India — revenue from this segment likely minimal currently.
Agarwal family management with limited public track record for green energy projects at scale.

Business Segments

Solar EPC

Solar engineering, procurement, and construction (EPC) services; rooftop and utility-scale solar project implementation.

Green Hydrogen

Green hydrogen production and clean energy solutions; aligned with India's National Green Hydrogen Mission.

Revenue Model

Greenzo Energy India Limited aims to generate revenue through: (1) Equipment sales — selling electrolysers to green hydrogen project developers, industrial customers (fertiliser, steel, chemicals), and energy companies; (2) Project development income — engineering, procurement, and construction (EPC) contracts for complete green hydrogen production systems; and (3) Service and maintenance contracts for installed electrolyser systems. As a 2022-incorporated startup, the company is currently in early commercialisation or product development phase, with revenue likely pre-commercial or at demonstration project stage.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds15

Growth Plans

India's National Green Hydrogen Mission PLI incentives for domestic electrolyser manufacturers

MNRE SIGHT programme tenders creating revenue opportunities for domestic producers

Growing hydrogen demand from India's fertiliser, refinery, and steel sectors targeting green transition

Global green hydrogen investment wave driving technology partnerships and export opportunities

Recent Developments

India's National Green Hydrogen Mission launch

The Indian government launched the National Green Hydrogen Mission in January 2023 with an approved outlay of ₹19,744 crore, providing PLI incentives for electrolyser manufacturing capacity of 5 GW/year by 2025. This created direct policy support for domestic electrolyser manufacturers like Greenzo Energy India Limited.

2023

MNRE SIGHT Programme tenders for electrolyser PLI

The Ministry of New and Renewable Energy issued tenders under the SIGHT (Strategic Interventions for Green Hydrogen Transition) programme for electrolyser and green hydrogen production PLI. Indian companies including startups and established players are competing to qualify for manufacturing incentives and supply contracts.

2023–2024

Large Indian conglomerates entering green hydrogen space

Reliance Industries, Adani Enterprises, NTPC, Oil India, and ACME Solar announced major green hydrogen and electrolyser investments in 2023–24. While these create potential customers for electrolyser supply, they also raise competition for smaller manufacturers.

Comparable Companies

CompanyTypeTickerMkt Cap

ACME Solar Holdings LimitedListedACMESOLARMid-cap

NTPC Limited (Green Hydrogen Division)ListedNTPCLarge-cap

Adani New Industries LimitedListedUnlisted (Adani Group)Large-cap

Thermax Limited (Hydrogen Solutions)ListedTHERMAXMid-cap

Frequently Asked Questions

Greenzo Energy India Limited is a Delhi-based company incorporated in 2022, focused on green hydrogen and electrolyser manufacturing. Electrolysers are devices that use electricity (ideally from renewable sources like solar or wind) to split water molecules into hydrogen and oxygen through electrolysis. The hydrogen produced — called green hydrogen — is a zero-carbon fuel used in fertilisers, steel, chemicals, and transportation. Greenzo Energy is positioned as an electrolyser manufacturer targeting India's emerging green hydrogen market.

India's National Green Hydrogen Mission (NGHM), launched in January 2023 with a government outlay of ₹19,744 crore, aims to make India a global hub for green hydrogen production and export. Key targets include 5 million metric tonnes (MMT) of annual green hydrogen production by 2030, electrolyser manufacturing capacity of 5 GW per year, and ₹8 lakh crore of total green hydrogen investment. The mission provides significant PLI incentives for domestic electrolyser manufacturers — a direct opportunity for companies like Greenzo Energy.

While specific product details are not publicly confirmed, the two most commercially deployed electrolyser technologies globally are Alkaline Electrolysis (ALK) and Proton Exchange Membrane (PEM) electrolysis. Alkaline electrolysers are lower-cost and more mature for large-scale deployment. PEM electrolysers offer faster response times for dynamic renewable energy inputs. Indian companies entering the electrolyser space in 2022–24 are typically developing alkaline electrolysers due to lower manufacturing complexity.

As of 2024, green hydrogen production costs in India are approximately ₹250–350 per kg, compared to grey hydrogen (from natural gas) at ₹100–150 per kg. Government targets aim to reduce green hydrogen costs to below ₹150 per kg by 2030 through economies of scale, renewable energy cost reductions, and electrolyser efficiency improvements. Large-scale commercialisation is expected in the 2027–2030 timeframe, meaning early-stage companies like Greenzo Energy are positioning ahead of the demand curve.

About Greenzo Energy India Limited

Greenzo Energy India Limited is a Delhi-based green hydrogen solutions company incorporated on 22 December 2022. With CIN U29309DL2022PLC407203, Greenzo manufactures alkaline water electrolyzer systems for green hydrogen production. Founded by Sandeep Agarwal, the company reported revenue of Rs 9.57 crore for FY2024 and received seed funding of approximately $1 million from Realtime (India). Greenzo's alkaline electrolysers enable the production of green hydrogen from renewable electricity, a critical technology for decarbonising heavy industry, chemicals, and transport. The company positions itself as an EPC solutions provider for renewable energy projects including green hydrogen systems for industrial clients seeking to reduce their carbon footprint. As a recently incorporated company in the strategic green hydrogen space, Greenzo benefits from the tailwinds of India's National Green Hydrogen Mission which targets 5 MTPA production by 2030 and Rs 17,490 crore in government incentives. The company's early-mover positioning and proprietary alkaline electrolyser technology provide competitive differentiation in India's nascent green hydrogen market.

Key Milestones

Incorporated November 22, 2022 in New Delhi (CIN: U29309DL2022PLC407203)

Solar EPC + green hydrogen focus; revenue ₹14.9 Cr (FY24) — rapid ramp-up in first 2 years

Common questions about unlisted shares

How do I buy Greenzo Energy India Limited unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings10

Fraud / GovernanceLow

Electrolyser manufacturing requires specialised materials science, precision engineering, and membrane technology. A 2-year-old company faces significant challenges in developing commercially competitive electrolysers that match the efficiency, durability, and cost of established global manufacturers.

Source: Media Reports / Public Records

Fraud / GovernanceLow

India's green hydrogen market is still in early development. Large-scale commercial demand for domestically manufactured electrolysers is expected 3–5 years away. Pre-commercial companies face cash burn without matching revenue generation.

Source: Company Financial Filings

Industry / CompetitionLow

The Indian electrolyser market is attracting large conglomerates (Reliance, Adani, L&T, BHEL) with far greater capital, technology, and distribution capabilities. Small startups like Greenzo Energy face formidable competition for PLI benefits and major project contracts.

Source: AlphaHub Research

Fraud / GovernanceLow

Scaling electrolyser manufacturing from prototype to commercial production requires significant capital investment in manufacturing facilities, tooling, testing infrastructure, and working capital. Funding risk is material for a 2-year-old unlisted startup.

Source: Media Reports / Public Records

Operational RiskLow

Green hydrogen incentives are subject to government policy continuity. Any slowdown in NGHM implementation, changes in PLI structure, or delays in mandatory green hydrogen purchase obligations could impact the addressable market for electrolyser manufacturers.

Source: AlphaHub Research

Technology and Development Risk

Market Timing Risk

Competition Risk

Capital Intensity Risk

Regulatory and Policy Risk

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