Event Date: N/A
Gensol Engineering & Matrix Gas consortium emerges as winning bidder for 237 MW Hydrogen Electrolyser Manufacturing Capacity Under PLI Scheme.
Key Announcement: Gensol Engineering Limited and Matrix Gas & Renewables Ltd., have emerged as a winning bidder for 237 MW annual capacity under the Production Linked Incentive (PLI) scheme for setting up an electrolyser manufacturing plant. This bid was secured through a competitive tender by Solar Energy Corporation of India (SECI). The date of this announcement is August 14, 2024.
Financials and Capacity: The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender. This equates to Rs. 450 Crore cumulatively as an incentive under the PLI scheme.
Strategic Importance: The Production Linked Incentive (PLI) is issued by the Ministry of New and Renewable Energy (MNRE) under the National Green Hydrogen Mission. The project is deemed a significant milestone in India's renewable energy landscape with the electrolyser being the key component for production of Green Hydrogen and its derivatives. This project will play a pivotal role in achieving India's goal of producing 5 million metric tons of green hydrogen annually by 2030.
Executive Perspectives: Anmol Jaggi, Managing Director, Gensol Engineering Ltd., commented, "Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities." Chirag Kotecha, Whole-time Director at Matrix Gas and Renewables Ltd., added, "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."
Collaboration & Vision: 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.
About Gensol Engineering Limited: Gensol Engineering Limited, established in 2012, specializes in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions. Gensol Solar EPC has successfully executed over 770 MW of diverse solar projects. Gensol acquired Scorpius Trackers in Sep 2023, an innovative single-axis solar tracking solution provider. Gensol has established a state-of-the-art electric vehicle (EV) manufacturing facility in Chakan, Pune (India), with a production capacity of 30,000 vehicles per annum and has received the Automotive Research Association of India (ARAI) certification for the vehicle. Gensol provides comprehensive EV leasing solutions, and is also contributing to the future of Battery Energy Storage Systems (BESS) in India and is involved in developing Green Hydrogen Production infrastructure on Turnkey basis through EPC or Build Own Operate model and setting up the Electrolyser manufacturing plant.
Access essential information and documents to make informed investment decisions
Stay updated with upcoming events, conferences, and announcements
Access quarterly and half-yearly financial statements and reports
Download comprehensive annual reports and financial summaries
Access investor presentations, corporate briefings, and slideshows
Our blog provides insightful information about unlisted shares, offering a deeper understanding of how these assets work, their potential benefits, and the risks involved. Whether you're new to unlisted shares or looking to expand your knowledge, we cover topics such as investment strategies, valuation methods, market trends, and regulatory aspects. Stay updated with expert tips and guides to navigate the unlisted share market effectively.
