Venture Catalysts, India’s early-stage investor and integrated incubator, announced that it has led an USD 850,000 seed funding round in Umagine Hydrogen Pvt. Ltd., operating as H2 Carbon Zero, a deep-tech company specialising in modular, stackable fuel-cell systems for stationary power generation.
The round also included participation from Faad Networks, accelerating plans to establish India’s first gigawatt-scale factory dedicated to hydrogen fuel cells. This initiative aims to replace diesel generators in telecom towers, data centers, remote micro-grids, and defense outposts, while addressing long-duration energy storage challenges.
H2 Carbon Zero designs and manufactures a range of fuel cell systems, from sub-kilowatt modules for defense applications to multi-megawatt blocks for grid-scale, long-duration storage.
The company’s proprietary system architecture enables seamless integration of hydrogen, battery, and solar assets in a plug-and-play format, reducing installation time and total cost of ownership. All units are fully manufactured in India, supporting the government’s National Green Hydrogen Mission and emphasising local value creation.
The company is founded by chemical engineer Santosh Gurunath and civil engineer Laxmikant Banjarey. Gurunath has 13 years of experience across oil & gas, solar energy, EV infrastructure, and hydrogen, having led Shell’s hydrogen production and safety initiatives and worked as a consultant at McKinsey and BCG.
Banjarey brings over 11 years in assisted mobility, e-mobility, and climate tech, co-founding Arcatron Mobility Frido in 2014, known for innovative frugal manufacturing and design solutions.
Apoorva Ranjan Sharma from Venture Catalysts emphasised the significance of clean, dispatchable power for India’s renewable energy goals.
“H2 Carbon Zero’s 100 percent indigenous technology converts green hydrogen into electricity with zero emissions, offering diesel-like reliability without the carbon footprint, noise, or pollution. This addresses a USD 1.5 billion domestic market and a USD 25 billion global opportunity with competitive pricing versus fossil fuels,” Sharma noted.
Santosh Gurunath highlighted plans to initiate construction of the gigawatt factory, expand teams, and complete field trials with early customers in telecom, construction, and defense sectors. He revealed that the ultimate goal is to render diesel generators obsolete within a few years, replacing them with clean hydrogen fuel cell technology.
Venture Catalysts plans to leverage its extensive mentor network and global supply-chain partnerships to help Umagine Hydrogen navigate regulatory certifications, scale manufacturing, and enter export markets. This aligns with India’s commitment to becoming a net-zero economy by 2070.
Venture Catalysts is India’s first multi-stage venture investing platform, supporting founders from ideation to growth with over USD 500 million assets under management and 400+ portfolio companies since 2016. The firm has delivered multiple unicorn exits and significant liquidity events, positioning itself as a key player in India’s startup ecosystem.
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