Gensol-Matrix consortium emerges as winning bidder for manufacturing hydrogen electrolyser

Gensol Engineering said that the company, in collaboration with Matrix Gas & Renewables, has emerged as a winning bidder for 237 MW annual capacity under Production Linked Incentive (PLI) scheme for setting up electrolyser manufacturing plant.

This bid was secured through a competitive tender by Solar Energy Corporation of India (SECI).

Matrix Gas & Renewables is a green hydrogen infrastructure developer and natural gas aggregator.

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 that equates to Rs 450 crore cumulatively incentive under the PLI scheme.

Anmol Jaggi, managing director, Gensol Engineering Ltd., 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.

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 consolidated net profit stood at Rs 19.78 crore in Q4 FY24, steeply higher than Rs 7.38 crore in Q4 FY23. Revenue from operations soared 143.28% to Rs 398.82 crore in Q4 FY24.

The scrip rose 0.51% to currently trade at Rs 961.50 on the BSE.

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