Greenzo Energy, an Indian clean-energy technology and manufacturing company, has raised approximately Rs. 2.51 bn across three investment rounds. The company secured Rs. 1.3 bn in its latest funding round, which was led by veteran investor Ashish Kacholia and his associates.

The latest transaction values Greenzo Energy’s green-hydrogen platform at approximately Rs. 10.3 bn on a post-money basis. Institutional and private investors participating in the round included Alchemy Longterm Venture Fund Series 3, Lashit Sanghvi, Siddharth Sunder Iyer and Nova Global Opportunity Fund PCC - Touchtone.

The company plans to use the new capital to expand its indigenous electrolyser manufacturing capacity, strengthen backward integration, advance research and development, and meet working capital requirements. It also intends to accelerate project execution in domestic and international markets.

A key growth driver is Greenzo Energy’s 250 MW-per-year electrolyser manufacturing facility at Sanand GIDC in Ahmedabad, Gujarat. The facility produces localised alkaline water electrolysers, supplies integrated Balance of Plant (BoP) systems, and provides engineering, procurement and construction (EPC) and operations and maintenance (O&M) services.

Greenzo Energy has executed megawatt-scale green-hydrogen installations for Engineers India, Oswal Energies and Jindal Stainless. The company said the capital raise reflected investor confidence in its technology roadmap and execution capabilities, while policy support for green hydrogen was helping establish a domestic industry. Ashish Kacholia and Alchemy Longterm Venture Fund said the investment was based on Greenzo Energy’s technical expertise, indigenous manufacturing capabilities and plans to build a globally competitive clean-energy platform. CA Prince Harjai, partner at PARV And Co., acted as the exclusive financial advisor to the company for the transaction.