Gensol Engineering Gains Nearly 8% as Consortium Wins PLI Bid for Hydrogen Electrolyser Manufacturing
02.12.2024 By Tank Terminals - NEWS

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.

Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Energy-Related Emissions Hit a Record High Last Year Despite Renewables Surge
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Despite a decline in fossil fuel use in developed economies, global en... Read More
Chinese Oil Product Demand Could Peak by 2025
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Demand for petroleum products in China could peak before next year, th... Read More
Cheap Spot Prices Boost China’s LNG Imports to Record High for February
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- China imported in February a record volume of LNG for the month, as bu... Read More
Russia’s Rosneft Moves to Sell its German Refinery Assets
03.02.2024 - NEWS
March 2, 2024 [Oil Price]- Russia’s state-controlled oil giant Rosneft has launched a sales pro... Read More