Gensol Engg and Matrix Gas consortium win Rs 164-crore bid; stock rises 3%

The project is scheduled for completion within 18 months, the company said.

Gensol Engg shares surge: Shares of Gensol Engineering gained up to 3.19 per cent to hit an intraday high of Rs 972 per share on Tuesday, September 03, 2024. 

The uptick in Gensol Engineering share price came after the company announced that Gensol Engineering and Matrix Gas & Renewables consortium has emerged as lowest bidder for engineering, procurement and construction (EPC) of India’s first biomass to Green Hydrogen project, valued at Rs 164 crore.

The scope of work includes developing the establishment of a 25 tonnes per day (TPD) Bio-waste processing and producing 1 TPD Green Hydrogen Infrastructure from Pre-Gasification Plasma Induced Radiant Energy-Based Gasification System (GH2-PREGS) technology, Gensol Engineering said in a statement.

“We are honoured to emerge as the lowest bidder for EPC of India’s first biomass to green hydrogen project for India’s leading power generation company. Gensol and Matrix consortium highlights our unwavering commitment to innovation and excellence within the renewable energy sector, aligning towards India’s National Green Hydrogen Mission and proliferating to unlock EPC turnkey solution providers. By converting bio-waste into hydrogen, we are addressing critical environmental challenges and making a significant contribution to the nation’s energy transition. We are committed to executing this project with the highest standards of quality and efficiency that defines Gensol,” said Anmol Singh Jaggi, chairman and managing director, Gensol Engineering.

The project is scheduled for completion within 18 months, the company added.

Furthermore, Gensol Engineering has strategically partnered with Westinghouse, USA who has patented technology and has commissioned multiple plants globally. 

Chirag Kotecha, whole-time director, Matrix Gas & Renewables said, “We are proud to be at the forefront of India’s energy transition with the development of the country’s first Biomass to Green Hydrogen project. This project represents a significant leap forward in the nation's mission. Our team is dedicated to executing this project with the utmost precision and efficiency, ensuring that it serves as a model for future initiatives to create a holistic GH2 ecosystem, by embracing this innovative pathway model for the onset of the plasma waste-to-energy era.”

The market capitalisation of Gensol Engineering is Rs 3,565.73 crore, according to BSE.

At 11:30 AM, shares of Gensol Engineering were trading 0.10 per cent lower at Rs 941 per share. In comparison, BSE Sensex was trading 0.08 per cent at 82,492.16 levels.