Shares of Gensol Engineering Ltd rallied 7% on 12 February after the company announced securing a bid under the Central government’s production-linked incentive (PLI) scheme for the manufacturing capacity of an advanced electrolyser plant along with Matrix Gas and Renewables Ltd under the auspices of the Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) program.

The awarded project has a manufacturing capacity of 63 megawatts per annum, which will significantly contribute to India’s ambitious goal of producing 5 million metric tonnes of green hydrogen annually by 2023.

This initiative signifies a crucial step forward in India’s commitment to green hydrogen as a cornerstone of its decarbonisation strategy and net-zero emission commitment.

Ali Imran Naqvi, CEO (EPC Business), Gensol Engineering, said, “Green hydrogen is pivotal in the world’s transition to sustainable energy, and Gensol, leveraging this opportunity, aims to foster global partnerships, technological exchange, and innovation.”

The company is a leader in sustainable energy solutions, and Matrix Gas is a green hydrogen infrastructure developer and natural gas aggregator.

Earlier last month, the company announced that they had mobilised Rs 900 crore by way of the issuance of convertible warrants on a preferential basis.

At 1:47 pm, the shares of Gensol Engineering were trading 3.60% higher at Rs 1,152 on NSE.