February 12, 2024 [CNBC]- Shares of Gensol Engineering surged nearly 8% on Monday, February 12, after the company, along with Matrix Gas and Renewables Ltd, won a bid under the Central government’s production linked incentive (PLI) scheme for the manufacturing capacity of an advanced electrolyser plant.
The project, with a manufacturing capacity of 63 MW per annum, is strategically positioned to make a substantial contribution to India’s ambitious target of producing 5 million metric tonne of green hydrogen annually by 2030, Gensol said in a stock exchange filing. This aligns with the national Green Hydrogen Mission, supported by the PLI scheme, it said.
The allocation of manufacturing capacity to Gensol and Matrix is under the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) PLI Scheme’s Tranche-I, as part of the National Green Hydrogen Mission.
“Green hydrogen is pivotal in the world’s transition to sustainable energy, and Gensol, leveraging this opportunity, aims to foster global partnerships, technological exchange, and innovation,” Ali Imran Naqvi, CEO (EPC Business), Gensol Engineering, said.
Gensol Engineering is a leader in sustainable energy solutions and Matrix Gas and Renewables Ltd is a green hydrogen infrastructure developer and natural gas aggregator. Both firms are promoted by common promoters.
Last week, Gensol Engineering announced that it had mobilised ₹900 crore by way of issuance of convertible warrants on a preferential basis.
Elara India Opportunity Fund, Aries Opportunities Fund and Tano Investment Opportunities Fund were some of the investors who were allotted these warrants.
At 9.46 am, shares of Gensol Engineering were trading 5.66% higher at ₹1,172.95 apiece on the BSE.
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