Gensol Engineering To Sell U.S. Subsidiary Scorpius Trackers Inc. For Rs 350 Cr

Gensol Engineering Limited which deals with renewable energy and nuclear power EPC services, recently signed a preliminary term sheet with the intent to sell its US branch Scorpius Trackers Inc. for Rs 350 crore. The buyer is a leading provider of several renewable energy solutions in the U.S. which is furnishing advanced royalty-free IP rights of Scorpius Trackers' proprietary solar tracking patents with the exception of India. This type of asset divestment will allow Gensol to achieve strong financial results along with monetizing high-valued assets to reinvest in core growth areas. Completion of the deal is expected by March 2026 and due diligence along with regulatory approval will be granted in two phases.

Anmol Jaggi, the Chairperson and Managing Director of Gensol Engineering Ltd said that this agreement is a testament to the value of Gensol's subsidiaries and evidence of its beat innovation focus strategy. He marked that divesting the US arm of Scorpius Trackers is a strategic decision which will provide the company with the ability to invest in India and simultaneously increase its funds. Gensol's leading position in the green energy industry is poised to be strengthened while shareholder value is noticed to increase significantly.

Funds garnered from the sale will be directed to bolster Scorpius Trackers' activities within India, augment the solar EPC division, and assist Gensol in advancing its clean energy projects, all aimed at generating sustainable value for shareholders.

At the Bharat Mobility Global Expo 2025, Gensol Electric Vehicles Pvt. Ltd. (GEVPL), a subsidiary of Gensol Engineering Limited, made a thrilling impression on Tuesday by announcing the grand opening of its micro urban mobility compact electric vehicle, "EZIO," and a cargo electric vehicle, "EZIBOT."

The company revealed that 30,000 pre-orders for EZIO and EZIBOT were received from existing fleet operators, focussing attention on Gensol Engineering shares. The introduction of the two revolutionary vehicles meets particular urban needs and demonstrates Gensol EV's dedication to creating outstanding products in India that are prepared for widespread use and expansion worldwide.

Anmol Singh Jaggi, Managing Director, Gensol Engineering Ltd. said, "The Bharat Mobility Show provided the perfect platform to showcase EZIO, a vehicle that redefines urban commuting for the Indian market. At Gensol EV, our focus is on creating world-class, purpose-driven mobility solutions that address real challenges-such as traffic congestion, rising pollution, and the need for affordable fleet operations. EZIO represents our commitment to building sustainable and innovative products made in India for India."

"With the growing demand for eco-friendly and cost-efficient mobility, EZIO is designed to lead the way in shared urban transportation. Its cutting-edge features, including compact design, superior range, and affordability, cater specifically to the needs of fleet operators. With 30,000 pre-orders already secured from existing fleet operators for EZIO and EZIBOT, we are thrilled to see the market's confidence in our vision. As we prepare to begin production at our state-of-the-art facility in Chakan, Pune and launch in urban markets like Bangalore and Delhi, we aim to accelerate India's transition to smarter, greener mobility solutions." added Pratik Gupta, CEO, Gensol EV.

Refex Green Mobility Limited and Gensol Engineering Limited recently announced a strategic partnership on January 16 for the transfer of 2,997 electric four-wheelers (e4Ws). In order to streamline operations and improve the installation of e4Ws across key markets such as Chennai, Bengaluru, Hyderabad, Mumbai, and Pune, where Refex eVeelz currently operates, Refex eVeelz will accept Gensol's current loan facility, which amounts to almost Rs 315 Crore.

A prominent leader in the renewable energy industry, Gensol Engineering Limited was founded in 2012 and specialises in electric mobility solutions and solar power engineering, procurement, and construction (EPC) services. In practically every Indian state, Gensol Solar EPC, one of the top 10 EPC companies and the top 5 independent EPC companies, has completed more than 770 MW of various solar projects, including rooftop, ground mount, and floating solar systems.

The shares of Gensol Engineering, which has a market valuation of Rs 2,433.49 Cr, began down on the BSE on Tuesday at Rs 679.90 and were trading 6.45% lower at Rs 640 in the early trade.