Gensol Engineering Ltd Share Price – NSE /  BSE

Infrastructure Developers & Operators, Small Cap

Gensol Engineering announced that the 12th Annual General Meeting (AGM) of the company will be held on 30 September 2024.

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The said project will be India’s first green hydrogen valley project in Pune, Maharashtra.

The company and Matrix will set up green hydrogen production plant to supply green hydrogen to specialty chemical sector with the firm offtake for 20 years.

Gensol & Matrix are both companies promoted by common promoters and will continue to collaborate in the Green Hydrogen and its derivates including Green Steel and Green Ammonia domain taking benefit of the skill sets of each entity, it added.

Anmol Jaggi, MD, Gensol Engineering, said, “We feel immense pride to develop India’s first Green Hydrogen Valley project. Government of India has taken a great step in promoting these Hydrogen Valleys through Department of Science & Technology (DST). We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India.”

Chirag Kotecha, Whole-time Director, Matrix Gas and Renewables, added, “We are committed to contribute to India’s net-zero targets by achieving the key aspects of National Green Hydrogen Mission. This Green Hydrogen valley is being facilitated by National Chemicals Laboratories (NCL), Pune in Kurkumbh region.

We will have an opportunity to establish such Green Hydrogen generation concepts, its applications and R&D facilities. We have been selected through competitive tender as the best bidder (both technically and commercially) to setup a Green Hydrogen Generation plant on BOO basis through Electrolysis route.”

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 company's consolidated net profit doubled to Rs 20.48 crore in the quarter ended June 2024 as against Rs 10.24 crore during the previous quarter ended June 2023. Sales rose 104.11% to Rs 295.15 crore in Q1 FY25 over Q1 FY24.

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Gensol Engineering announced that Gensol and Matrix Gas & Renewables (Matrix) have won the project to setup India's first Green Hydrogen Valley project in Pune. Gensol - Matrix will set up Green Hydrogen production plant on Build Own and Operate (BOO) basis to supply Green Hydrogen to Specialty Chemical sector with the firm offtake for 20 years.

Commenting on this achievement, Anmol Jaggi, Managing Director, Gensol Engineering, said, “We feel immense pride to develop India's first Green Hydrogen Valley project. Government of India has taken a great step in promoting these Hydrogen Valleys through Department of Science & Technology (DST). We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India”.

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Gensol Engineering will hold a meeting of the Board of Directors of the Company on 6 September 2024.

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