Shares of Garden Reach Shipbuilders and Engineers (GRSE) Ltd witnessed a 5% surge as the company entered into a Memorandum of Understanding (MoU) with Shift Clean Energy, Seatech Solutions International, and the American Bureau of Shipping (ABS) to develop electric tugboats, known as Electric Tugs E-VOLT 50.

GRSE shares hit an intraday high of Rs 844.80 apiece, up 4.9% from the last closing price on the National Stock Exchange (NSE). The stock closed at 3.58% higher at Rs 833.90. 

Under the MoU, GRSE will construct the platform based on Seatech Solutions’ design, Shift Clean Energy will provide energy storage, and ABS will ensure regulatory compliance, safety, and reliability in construction and design.

GRSE collaborated with Shift Clean Energy, Seatech Solutions International, and ABS to develop Electric Tugs E-VOLT 50 to reduce carbon emissions and enhance environmental sustainability in the tugboat industry. The collaboration aligns with India’s goal to become the ‘Global Hub for Green Shipbuilding’ by 2030, contributing to a cleaner and greener maritime future.

The EVOLT 50 initiative focuses on leveraging sustainable energy solutions and cutting-edge technology to redefine performance, efficiency, and environmental stewardship in the maritime sector.

Garden Reach Shipbuilders & Engineers Ltd., a premier warship building company under the Ministry of Defence, has a rich history dating back to 1884. The company is known for contributing to Indian Navy warships and is actively involved in green shipbuilding initiatives.

GRSE is actively building green vessels and is currently working on a zero-emission electric ferry for the Government of West Bengal, which will have a capacity of 150 passengers. Once commissioned, this ferry will redefine passenger services along the Hooghly and other major rivers.