Gensol Engineering & Matrix Gas Win 237 MW Electrolyser Under PLI Scheme

Gensol Engineering Limited, in collaboration with Matrix Gas & Renewables Ltd., has successfully secured a 237 MW annual capacity bid under the Production Linked Incentive (PLI) scheme to establish an electrolyser manufacturing plant. This bid, awarded through a competitive tender by the Solar Energy Corporation of India (SECI), brings the consortium's total secured capacity to 300 MW, including a previously awarded 63 MW in the first tranche of SECI's tender.

The PLI scheme, a critical component of India's National Green Hydrogen Mission, aims to produce 5 million metric tons of green hydrogen annually by 2030. Electrolysers, essential for green hydrogen production, play a pivotal role in achieving this target.

The Gensol-Matrix consortium's recent success under the PLI scheme has earned them a total incentive of Rs 450 crore. Anmol Jaggi, Managing Director of Gensol Engineering, expressed pride in the achievement, stating, "Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities."

Gensol Engineering has been on a strong financial trajectory, as evidenced by its recently announced Q1 FY25 financial results. The company reported a more than two-fold increase in standalone profit after tax (PAT), reaching Rs 32.5 crore for the quarter ending June 2024, compared to Rs 12.3 crore in the same quarter of the previous financial year. The impressive growth was driven by a significant surge in revenues, which rose to Rs 275 crore from Rs 147 crore in the corresponding period last year.

Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering, highlighted the company's exceptional performance, stating, "Our performance in Q1 FY25 has been exceptional. Gensol is expanding its presence in current and new business segments like Solar, Battery Energy Storage Systems (BESS), and EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability."

In June, Gensol Engineering further strengthened its portfolio by emerging as the successful bidder for a 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project worth Rs 1,340 crore from Gujarat Urja Vikas Nigam Limited (GUVNL). This project is designed to provide electricity on an "on-demand" basis to Gujarat State's distribution companies (DISCOMs) during peak and off-peak hours, thereby extending the availability of renewable energy beyond daylight hours, fulfilling Energy Storage Purchase Obligations, and enhancing grid resilience. The project will deliver 250 MW/500 MWh of energy through two charge/discharge cycles per day.

Founded in 2012, Gensol Engineering has established itself as a leader in the engineering, procurement, and construction (EPC) sector, specializing in the development of solar power plants. The company has successfully installed solar power plants with combined operations and has also ventured into the electric vehicle (EV) industry, setting up a cutting-edge EV manufacturing facility in Pune, India. With its expanding portfolio and strategic partnerships, Gensol Engineering is well-positioned to capitalize on emerging opportunities in the renewable energy and green hydrogen sectors.