Gensol Engineering Enters Into US Market On Launching Subsidiary Scorpius Trackers Inc.

After the firm announced on Tuesday that it is entering the U.S. market with the establishment of its Delaware-based subsidiary, Scorpius Trackers Inc., the shares of Gensol Engineering started higher on Wednesday at Rs 970 apiece, compared to the previous close of Rs 947 on the NSE. As a result, Scorpius has announced that it will present its cutting-edge tracker technology at the RE+ Conference in Anaheim, California, from September 9-12, 2024. Additional showcases are slated to take place in Austin and San Diego. Strategically positioned in the centre of one of the world's most active renewable energy sectors, Scorpius Trackers' first U.S. office will be in California.

Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd., said, "The U.S. market is pivotal to our global strategy, and the launch of Scorpius Trackers Inc. marks a significant milestone in our growth journey. With USA leading the world in solar tracker adoption, our entry into this market aligns perfectly with our vision to provide designed in India and made in India high technology products to the world. We are confident that under leadership of Shailesh Vaidya, Scorpius Trackers will rapidly establish itself as a key player in the U.S. and help us tap into the potential of solar energy across the world."

Shailesh Vaidya, Co-founder and CEO of Scorpius Trackers Pvt. Ltd. (India), who will lead the U.S. operations as CEO of Scorpius Trackers Inc., added, "Entering the U.S. market is a landmark achievement for Scorpius Trackers. Our proven technology and deep expertise in diverse global markets will ensure that we develop cutting-edge, reliable, and cost-effective solutions that will cater to the unique needs of U.S. utility-scale plants. This expansion will pave the way for substantial growth and further establish Scorpius Trackers as a leader in the solar tracking industry."

"This strategic move marks Scorpius' commitment to leverage the vast potential of the U.S. solar tracker market, which is the largest in the world and deploys trackers aggregating over 25,000 MW annually. Importantly, the U.S. tracker market is growing at a robust CAGR of more than 20%. With an ambitious goal to supply over 2,000 MW annually by 2028, Scorpius Trackers Inc. aims to capitalize on its (Scorpius India) decade-long experience and 1,000 MW+ of contracted orders across key markets including India, Africa, Japan, and the Middle East," said Gensol Engineering in a stock exchange filing.

A major textile firm has placed an order with Gensol Engineering for the construction of a 16 MWp turnkey EPC rooftop solar project within the commercial and industrial (C&I) category, valued at Rs. 40 Crore. The order was received on August 21. This is Gensol's second order, and it will be placed in Madhya Pradesh. The project will be put into operation in six months.

Gensol Engineering Limited, a prominent participant in the renewable energy market, was founded in 2012 and specialises in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services.