The company has won the bid in collaboration with Matrix Gas & Renewables – a fast growing green hydrogen infrastructure developer and natural gas aggregator.
Shares of Gensol Engineering gained over 3 per cent on Tuesday after the company informed exchanges that it has emerged as the lowest bidder for developing India’s first bio-hydrogen project. The counter opened gap up up at Rs 972 against the previous close of Rs 939.10 on the BSE. Last seen, it was trading at Rs 944.20.
The company has won the bid in collaboration with Matrix Gas & Renewables – a fast growing green hydrogen infrastructure developer and natural gas aggregator. The project, to be established by Gensol – Matrix consortium, will convert 25 tons of bio-waste into 1 ton of hydrogen per day.
The project valued at Rs 164 crore, scheduled for completion within 18 months, marks a significant milestone on aligning with the National Green Hydrogen Mission for biomass to green hydrogen generation.
“We are honored to emerge as the lowest bidder for EPC of India’s first biomass to green hydrogen project for India’s leading power generation company. Gensol and Matrix consortium highlights our unwavering commitment to innovation and excellence within the renewable energy sector, aligning towards India’s National Green Hydrogen Mission and proliferating to unlock EPC turnkey solution provider. By converting bio-waste into hydrogen, we are addressing critical environmental challenges and making a significant contribution to the nation’s energy transition,” said Anmol Singh Jaggi, Chairman and Managing Director, GensolEngineering Ltd
Gensol & Matrix are both companies promoted by common promoters and will continue to collaborate in the Green Hydrogen and its derivatives including Green Steel and Green Ammonia domain taking benefit of the skill sets of each entity.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
Also Read:
