Gensol Engineering Surges as Company Expands into Green Hydrogen Manufacturing

12 Feb 2024 , 02:32 PM

Gensol Engineering shares rose over 3% on February 12, outperforming the Nifty’s 70-point decline to 21,707. The sustainable energy provider, in collaboration with Matrix Gas & Renewables Ltd, announced the allocation of manufacturing capacity for an advanced electrolyser plant under the SIGHT program.

This initiative reflects India’s commitment to green hydrogen, supporting its decarbonization strategy and net-zero emission goals.

The awarded project, with a 63 MW per annum manufacturing capacity, contributes significantly to India’s target of producing 5 million metric tonnes of green hydrogen annually by 2030.

Gensol Engineering aims to foster global partnerships, technological exchange, and innovation through this opportunity. Gensol and Matrix, sharing common promoters, continue to collaborate in the green hydrogen domain, capitalizing on each entity’s skill sets.

Gensol Engineering shares have gained over 32% year-to-date and more than 255% in the last one year. Established in 2012, Gensol Group specializes in engineering, procurement, and construction services, primarily focusing on the solar power sector.

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