Olectra Greentech spurts on developing Hydrogen bus in partnership with Reliance

Olectra Greentech surged 18.83% to Rs 477.75 after the company announced that it has developed a Hydrogen bus with its technology partner, Reliance.

In an exchange filing, the company said, Olectra Greentech (OGL), a subsidiary of Megha Engineering and Infrastructures (MEIL), is set to offer the next-generation transport system to the Indian market. Olectra is proud to announce its hydrogen bus in technical partnership with Reliance.

The Hydrogen bus is a fully carbon-free alternative to traditional public transportation. In the wake of the depletion of natural resources and the negative impacts of air pollution and emissions, Olectra has taken the initiative to accelerate the development of Hydrogen-powered buses. This initiative will help out the Indian Government to achieve its carbon-free hydrogen ambitions. Olectra aims to contribute to the nation's environmentally sustainable energy security through its Hydrogen buses, the firm stated in the press release.

The 12-metre low-floor bus has a customisable seating capacity ranging from 32-49 passengers seats and a driver seat. A single hydrogen fill allows the bus to travel up to 400 km. Hydrogen for this range coverage takes just about 15 minutes.

The hydrogen buses generate only water as tailpipe emissions. This is the unique selling proposition for phasing out old diesel and petrol systems and replacing them with these green buses, said the company.

Type-4 hydrogen cylinders are established on the top of the bus. The cylinders can withstand temperatures between - 20 and +85 degrees Celsius, it added.

Further, Olectra said that it aims at commercially launching these buses within a year.

Olectra Greentech, part of the MEIL Group, is engaged in manufacturing electric buses in India. It is also India's largest Silicone Rubber/Composite Insulators manufacturer for power transmission and distribution networks.

On a consolidated basis, the company's net profit rose 13.6% to Rs 14.38 crore on 23.1% jump in net sales to Rs 256.43 crore in Q3 FY23 over Q3 FY22.

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