Adani Total Gas Launches Green Hydrogen Blending Pilot Project At Ahmedabad, Stock Up 20%

Adani Total Gas skyrocketed 20% on Tuesday as all Adani group stocks posted gains today. The rally in Adani group shares was seen after the Supreme Court on Friday reserved its order on the Adani-Hindenburg row. Today, the share price of Adani group firm Adani Total Gas was up 20% at Rs 644.15 per share at 2:50 pm IST. The stock also touched the upper circuit at Rs. 644.15 on Tuesday.

Amidst the rally in Adani group shares, Adani Total Gas Ltd (ATGL), a leading energy and city gas distribution company informed via an exchange filing on November 28 that it has initiated the 'Green Hydrogen Production and Blending Pilot Project'. The company said that as part of the project, ATGL will employ the latest technologies to blend Green Hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers in Ahmedabad, Gujarat.

The project is expected to be commissioned by Q1 FY24-25 and the percentage of green hydrogen will be gradually increased in the blend to up to 8% or more, depending on regulatory approvals. After successfully completing the pilot, hydrogen blended fuel will be supplied stepwise to larger parts of the city and other license areas of AGTL. As per studies, an up to 8% hydrogen blend can reduce emissions by up to 4%.

With this pilot, ATGL is looking to partner with various stakeholders including regulatory authorities.

Commenting on this development, Suresh P Manglani, Executive Director & CEO of Adani Total Gas Ltd., said, "We are fully committed to building an environmentally sustainable operation and this project represents our ongoing dedication towards national infrastructure building for India to become energy independent by 2047. This project will reduce our carbon footprint and by investing in such innovative projects, we are actively contributing to the evolution of the industry and driving progress in sustainable energy solutions."

Adani Total Gas Share Price Performance:

In this year so far, the stock has fallen 81.85%. In the last three years, the stock has gained 85.10%. The stock's last one year and two years performance is down 82.09% and 60.57% respectively.