Mukul Agarwal Stock To Focus: Gensol Engineering Shares In Green On Friday After Acquiring Gridstor Energy

Shares of Mukul Agarwal's investment company, Gensol Engineering Limited, rose nearly 2% on Friday, reaching an intraday high of Rs 9,744.65. This increase followed the company's acquisition of a 99.99% equity stake in Gridstor Energy Private Limited.

On Thursday, Gensol Engineering announced the acquisition of 9,999 equity shares, amounting to 99.99% of Gridstor Energy Private Limited's total share capital. This transaction, worth Rs 99,990, makes Gridstor Energy a wholly-owned subsidiary of Gensol Engineering. Gridstor Energy Private Limited, incorporated under CIN: U35105GJ2024PTC154856, will now operate under Gensol Engineering's leadership, enhancing the company's footprint in renewable energy storage solutions.

Earlier this week, Gensol Engineering also made headlines by partnering with Matrix Gas & Renewables, a green hydrogen infrastructure developer and natural gas aggregator. The two companies emerged as the lowest bidder for the EPC contract of India's first biomass-to-green hydrogen project. This project, valued at Rs 164 crore, will establish a bio-waste processing facility that will produce 25 tonnes per day (TPD) of bio-waste and 1 TPD of green hydrogen. Gensol Engineering stated that the project is expected to be a significant step toward sustainable energy solutions in India.

The company has also collaborated with Westinghouse, USA, a global leader in energy technology, to bring patented gasification technology to India. The partnership will utilize a pre-gasification plasma-induced radiant energy-based gasification system for this biomass-to-hydrogen project. Westinghouse has successfully commissioned multiple plants worldwide, and this collaboration will introduce cutting-edge technology to India's renewable energy sector.

In August 2024, Gensol Engineering announced its expansion into the U.S. market with the launch of its Delaware-based subsidiary, Scorpius Trackers Inc. The company will debut its advanced solar tracker technology at the RE+ Conference in Anaheim from September 9-12, 2024. Following the conference, Scorpius Trackers will hold showcases in Austin and San Diego, highlighting the company's innovative solar tracking solutions. Scorpius Trackers' first U.S. office will be strategically located in California, positioning the company at the center of one of the world's most dynamic renewable energy markets.

This move underscores Gensol's ambition to capitalize on the rapidly growing U.S. solar tracker market, which deploys over 25,000 MW of solar trackers annually and is growing at a compound annual growth rate (CAGR) of over 20%. Scorpius Trackers aims to supply more than 2,000 MW annually by 2028, leveraging its decade-long experience and over 1,000 MW of contracted orders across key markets, including India, Africa, Japan, and the Middle East.

Established in 2012, Gensol Engineering Limited has positioned itself as a leader in the renewable energy sector. The company specializes in solar power engineering, procurement, and construction (EPC) services, as well as electric mobility solutions. Gensol boasts a diverse and experienced team of over 500 professionals across its solar and electric vehicle (EV) divisions. These include Gensol Solar EPC, Scorpius Trackers, EV leasing (Let'sEV), and EV manufacturing (Gensol EV).