Gensol Engineering Acquires 100% Stake In Hari Shakti Energy By Investing Rs. 1,00,000.00

By investing Rs. 1,00,000 in Hari Shakti Energy Private Limited, Gensol Engineering has subscribed 10,000 equity shares or 100% of the company's total share capital. As a result of this transaction, Hari Shakti Energy will become a fully-owned subsidiary of Gensol Engineering Limited.

Gensol Engineering Limited, which is one of the foremost companies in the field of solar EPC, has entered into collaboration with Matrix Gas & Renewables to construct the first and the biggest Green Steel plant in India. This initiative, being the first of its kind in India, would not use any fossil fuels and employ only 100% green hydrogen, thus making a significant step towards sustainable steel making. It is one of the three pilot projects granted under the National Green Hydrogen Mission by MECON in association with the Ministry of Steel (MoS) and the Ministry of New and Renewable Energy (MNRE).
The project, having a total cost of around Rs 321 crore, is eligible for 50% capex subsidies from the Government of India. This investment also demonstrates the resolve of the government and the consortium, in developing the green industrial revolution and achieving the net-zero carbon ambition in the steel industry.

Green Steel Technology and Expansion Goals

The facility will adopt the vertical shaft Direct Reduced Iron (DRI) technology to convert iron ore into sponge iron. This method is designed to Indian-grade ore, the likeness of which Matrix hopes to build more of such Green Steel plants for similar producers in Chhattisgarh, Odisha and so on. The CO2 emissions level in traditional sponge iron manufacture is considerable due to dependence on fossil fuels. However, this new method will rely on green hydrogen produced from renewable energy, thereby completely eliminating CO2 emissions, a first for clean iron production.

A '50 tons per day (TPD) pilot plant' will be developed in association with Matrix Gas & Renewables, Gensol Engineering, IIT Bhubaneswar and Metsol AB (Sweden). Matrix will be in charge of the planning and execution of the entire project, from securing the land to carrying out environmental investigations and some key stages of design, engineering work, supply of materials and logistics. The work is comprehensively designed to include the manufacture of the heating facility, assembly of the heating facility, supply and erection as well as commissioning of the heating facility with applicable facilities of construction engineering.

Gensol's Broader Vision for Sustainable Energy. This project, therefore, complements India's vision for a greener and more sustainable future and is in line with developments the government is striving for in a quest for clean energy and the growth of industries. It also consolidates Matrix's position on being able to implement cutting-edge energy projects.

Gensol Engineering, also making its mark in the electric vehicle (EV) sector where it has an assembly plant in Pune that can produce 30000 electric three-wheeler and four-wheeler vehicles in a single year. In addition, Gensol provides EVs on leasing and has already leased more than 3000 EVs with an intention to lease more in future. Through these steps, Gensol has contributed to promoting innovative technologies in the field of clean energy and electric mobility solutions.