Gensol Engineering and Matrix Gas Secure 237 MW for Electrolyser Plant Under PLI Scheme

On August 14, 2024, Gensol Engineering Limited, in partnership with Matrix Gas & Renewables Ltd, announced its success in securing a 237 MW annual capacity under the Production Linked Incentive (PLI) scheme.

The company stated that this bid, awarded through a competitive tender by the Solar Energy Corporation of India (SECI), will fund the establishment of an electrolyser manufacturing plant.

The Gensol-Matrix consortium has now achieved a total of 300 MW capacity, including a previous 63 MW from SECI’s first tranche, translating to a cumulative ₹450 crore incentive under the PLI scheme.

This initiative, part of the Ministry of New and Renewable Energy’s National Green Hydrogen Mission, represents a major advancement in India’s renewable energy sector. Electrolysers are crucial for producing green hydrogen and its derivatives, and this project is instrumental in India’s goal to generate 5 million metric tons of green hydrogen annually by 2030.

Commenting on this significant order, Managing Director of Gensol Engineering Ltd, Anmol Jaggi, said, “Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities. It not only strengthens our position in the green hydrogen sector but also opens up new avenues for growth and collaboration in renewable energy.”

The Whole-Time Director at Matrix Gas and Renewables Ltd, Chirag Kotecha, stated, “Winning the PLI bid for this prestigious project amidst stiff competition from major conglomerates highlights our technological expertise and manufacturing experience as Gensol – Matrix consortium. Electrolyser manufacturing initiative is central to our strategy for large-scale decarbonisation through green hydrogen, aligning with our vision of establishing India as a leader in sustainable, low-carbon energy.”

Gensol and Matrix are both companies promoted by common promoters. The company added that they will continue to team up in the Green Hydrogen and its derivates, including Green Steel and Green Ammonia domain, taking advantage of each entity’s skill sets.

On August 14, 2024, the share price of Gensol Engineering opened at ₹965.00, touching the day’s low at ₹942.05, as of 10:56 AM on the NSE.

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