Shares of Gensol Engineering Ltd. rose by 2% to reach a day’s high of Rs 936.95 on 11th September after the company informed exchanges on Wednesday that it had secured the project to establish India’s first green hydrogen valley in Pune.

Gensol will collaborate with Matrix Gas & Renewables, a developer specializing in green hydrogen infrastructure and natural gas aggregation, to set up the project.

Matrix will establish the green hydrogen production plant on a build-own-operate basis, supplying green hydrogen to the specialty chemical sector under a 20-year offtake agreement.

Both companies were selected as the best bidder in a competitive tender based on technical and commercial criteria.

The National Chemical Laboratories (NCL) in Pune is facilitating the development of this green hydrogen valley.

The project allows the companies to set up green hydrogen generation, applications, and R&D facilities.

The company’s MD, Anmol Singh Jaggi, stated that they would supply green hydrogen to Pune’s speciality chemical sector round-the-clock to promote India’s green hydrogen economy.

Gensol stated in its exchange filing that both Gensol and Matrix are backed by common promoters and will continue to collaborate on green hydrogen and its derivatives, such as green steel and green ammonia.

At 10:53 AM, the shares of Gensol Engineering were trading 1.97% higher at Rs 926.20 on NSE.

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