Gensol Engg rises on collaboration with Matrix Gas & Renewables to set up green hydrogen Plant

Gensol Engineering gained 2.18% to Rs 927.05 after the company and Matrix Gas & Renewables has secured the project to setup green hydrogen production plant in Pune on build own and operate (BOO) basis.

The said project will be Indias first green hydrogen valley project in Pune, Maharashtra.

The company and Matrix will set up green hydrogen production plant to supply green hydrogen to specialty chemical sector with the firm offtake for 20 years.

Gensol & Matrix are both companies promoted by common promoters and will continue to collaborate in the Green Hydrogen and its derivates including Green Steel and Green Ammonia domain taking benefit of the skill sets of each entity, it added.

 

Anmol Jaggi, MD, Gensol Engineering, said, We feel immense pride to develop Indias first Green Hydrogen Valley project. Government of India has taken a great step in promoting these Hydrogen Valleys through Department of Science & Technology (DST). We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India.

Chirag Kotecha, Whole-time Director, Matrix Gas and Renewables, added, We are committed to contribute to Indias net-zero targets by achieving the key aspects of National Green Hydrogen Mission. This Green Hydrogen valley is being facilitated by National Chemicals Laboratories (NCL), Pune in Kurkumbh region.

We will have an opportunity to establish such Green Hydrogen generation concepts, its applications and R&D facilities. We have been selected through competitive tender as the best bidder (both technically and commercially) to setup a Green Hydrogen Generation plant on BOO basis through Electrolysis route.

Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.

The company's consolidated net profit doubled to Rs 20.48 crore in the quarter ended June 2024 as against Rs 10.24 crore during the previous quarter ended June 2023. Sales rose 104.11% to Rs 295.15 crore in Q1 FY25 over Q1 FY24.

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