Green Hydrogen Update: Gensol Engineering & Matrix Gas consortium emerges as winning bidder for 237 MW Hydrogen Electrolyser Manufacturing Capacity Under PLI Scheme

Bengaluru, 14 August, 2024: Gensol Engineering Limited (BSE: 542851) (NSE: GENSOL), a leading player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) and electric mobility solutions, in collaboration with Matrix Gas & Renewables Ltd., a fastest growing green hydrogen infrastructure developer and natural gas aggregator, announced that it has emerged as a winning bidder for 237 MW annual capacity under Production Linked Incentive (PLI) scheme for setting up electrolyser manufacturing plant. This bid was secured through a competitive tender by Solar Energy Corporation of India (SECI).

The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender that equates to Rs. 450 Crore cumulatively incentive under the PLI scheme.

This Production Linked Incentive (PLI), issued by the Ministry of New and Renewable Energy (MNRE) under the National Green Hydrogen Mission, marks a significant milestone in India’s renewable energy landscape. Electrolyser is the key component for production of Green Hydrogen and its derivatives. This project will play a pivotal role in achieving India’s goal of producing 5 million metric tons of green hydrogen annually by 2030.

Commenting on this achievement, Anmol Jaggi, Managing Director, Gensol Engineering Ltd., said, “Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities. It not only strengthens our position in the green hydrogen sector but also opens up new avenues for growth and collaboration in renewable energy.”

Chirag Kotecha, Whole-time Director at Matrix Gas and Renewables Ltd., added, “Winning the PLI bid for this prestigious project amidst stiff competition from major conglomerates highlights our technological expertise and manufacturing experience as Gensol – Matrix consortium. Electrolyser manufacturing initiative is central to our strategy for large-scale decarbonization through green hydrogen, aligning with our vision of establishing India as a leader in sustainable, low-carbon energy.

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.