Gensol Engineering Gets PLI Bid For Hydrogen Electrolyser Manufacturing, Stock Surges 8%

Gensol Engineering experienced an 8% surge in its shares on Monday, February 12 after the company, in collaboration with Matrix Gas and Renewables Ltd, clinched a bid under the Central government's Production Linked Incentive (PLI) scheme for an electrolyser plant.

The project boasts a capacity of 63 MW per annum, strategically poised to play a pivotal role in achieving India's ambitious target of producing 5 million metric tonnes of green hydrogen annually by 2030. This triumph aligns seamlessly with the objectives of the national Green Hydrogen Mission, supported by the PLI scheme.

Gensol expressed its commitment to fostering global partnerships, technological exchange, and innovation. "Green hydrogen is pivotal in the world's transition to sustainable energy, and Gensol, leveraging this opportunity, aims to play a leading role in the global landscape," stated Ali Imran Naqvi, CEO (EPC Business) of Gensol Engineering.

The allocation of manufacturing capacity to Gensol and Matrix is part of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) PLI Scheme's Tranche-I, a crucial component of the National Green Hydrogen Mission.

Matrix Gas and Renewables Ltd, a green hydrogen infrastructure developer and natural gas aggregator, shares common promoters with Gensol Engineering. The synergy between the two entities is expected to fortify their collaborative efforts in propelling India's green hydrogen landscape.

Last week, Gensol Engineering made headlines by successfully mobilizing Rs 900 crore through the issuance of convertible warrants on a preferential basis. Investors, including Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund, participated in this move.

Gensol Engineering shares were seen trading with gains of nearly 3%, reaching Rs 1,142.50 per share as of 1:20 pm on the National Stock Exchange (NSE). This uptick underscores the market's confidence in Gensol's strategic vision and its role in advancing India's green energy goals.