Gensol Engineering rallies 3% as it bags order for India's first bio-hydrogen project

So far this year, shares of Gensol Engineering have surged 11 percent

Shares of Gensol Engineering surged 3 percent to Rs 971 apiece on September 3 after the company emerged as the lowest bidder for developing India's first bio-hydrogen project for a leading power generation company, in collaboration with Matrix Gas & Renewables.

So far this year, shares of Gensol Engineering have surged 11 percent, underperforming benchmark Nifty 50's 16 percent rise.

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The landmark project, to be established by the Gensol – Matrix consortium, will convert 25 tonnes of bio-waste into 1 tonne 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.

The scope of work involves establishing a facility for processing 25 tons of bio-waste per day and producing 1 ton of green hydrogen daily using the Pre-Gasification Plasma Induced Radiant Energy-Based Gasification System (GH2-PREGS) technology.

"Gensol and Matrix consortium highlights our unwavering commitment to innovation and excellence within the renewable energy sector, aligning with India’s National Green Hydrogen Mission and aiming to become an 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. We are committed to executing this project with the highest standards of quality and efficiency that define Gensol," said Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering.

Gensol and Matrix, both companies promoted by common promoters, will continue to collaborate in the Green Hydrogen sector and its derivatives, including Green Steel and Green Ammonia, leveraging the unique skill sets of each entity.

Established in 2012, Gensol Engineering Limited, is a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions.

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