Gensol’s green hydrogen triumph: Paving the way for a sustainable energy revolution

On November 16, 2023, Gensol Engineering Limited revealed its success as the lowest bidder for the Engineering, Procurement, and Commissioning (EPC) contract for the innovative green hydrogen-based mobility station in Kargil, Ladakh, commissioned by the National Hydroelectric Power Corporation Ltd. (NHPC). This groundbreaking project aims to operate hydrogen fuel cell-powered buses in the region, aligning with the Indian government’s ambitious green hydrogen energy targets.

In collaboration with Matrix Gas & Renewables Ltd., Gensol demonstrated techno-commercial competency to secure the project. Gensol will develop a 500-kW grid-connected solar power project to energize the hydrogen refuelling station, while Matrix will handle the dual electrolysers with a 30 NM3 capacity each. This comprehensive project covers the entire green hydrogen supply chain, with a commitment to achieving a minimum purity of 99.97%. The collaboration between Gensol and Matrix, both promoted by common entities, is set to fortify their market positions and technical capabilities in the renewable energy sector.

Ali Imran Naqvi, CEO-BD & Project Management at Gensol Engineering Ltd., expressed confidence in this collaboration, anticipating increased opportunities and alliances in the green hydrogen sector. Chirag Kotecha, Whole-time Director of Matrix Gas and Renewables Limited, highlighted the upcoming Green Hydrogen-based mobility station pilot project’s significance in establishing the feasibility of green hydrogen on both technical and commercial fronts.

The project is poised to contribute significantly to India’s energy security and represents Matrix Gas and Renewables’ strategic position in offering efficient solutions within the green hydrogen supply chain.

About Gensol 

Gensol Engineering Limited, a dynamic player in the renewable energy sector, has carved a niche for itself as a frontrunner in providing sustainable and innovative energy solutions. Established with a vision to revolutionize the energy landscape, Gensol is committed to driving the adoption of green technologies in India. The company specializes in end-to-end solutions across the renewable energy spectrum, encompassing solar power, wind energy, and now, venturing into the burgeoning field of green hydrogen. Gensol is renowned for its expertise in Engineering, Procurement, and Construction (EPC) services for solar projects, having successfully executed numerous grid-connected solar power installations.

Green Hydrogen Revolution

Gensol’s recent foray into the green hydrogen sector follows its exceptional stock price performance, delivering a remarkable 61% return in the past three months since its listing on the NSE. This stellar performance not only reflects investor confidence but also positions Gensol as a formidable player in the evolving landscape of sustainable energy solutions.

Financial Triumph

Coupled with its groundbreaking projects, Gensol Engineering has also showcased robust financial results in its recent quarter ending September 2023. Year-over-year, the company reported a remarkable 142% increase in revenue, reaching Rs 193 crore compared to Rs 79.9 crore in the same period last year. The EBITDA surged by an impressive 207%, standing at Rs 50.9 crore as opposed to Rs 16.6 crore in September 2022. The net profit also experienced a noteworthy YoY change, surging by 114% to Rs 15.7 crore from Rs 7.31 crore in the corresponding period.

Ace Investor Mukul Agarwal’s Vote of Confidence

Adding to the momentum, the September 23 quarter revealed a notable development in the form of renowned investor Mukul Agarwal acquiring a 1.64% stake in Gensol Engineering. This move is not only a vote of confidence from an ace investor but also signals a positive outlook on Gensol’s future prospects.

In summary, Gensol Engineering Limited is spearheading India’s renewable energy landscape, driving innovation and sustainability. From pioneering solar projects to venturing into green hydrogen initiatives, Gensol is at the forefront of shaping a cleaner energy future.

The recent success in securing the Kargil green hydrogen mobility station project, robust financial performance, and a noteworthy surge in stock prices highlight Gensol’s pivotal role in India’s transition towards sustainable energy. With strategic investments from ace investor Mukul Agarwal, Gensol Engineering is well-positioned for continued growth, solidifying its status as a trailblazer in the nation’s green energy revolution.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.