Gensol Engineering inches up on emerging as lowest bidder for NHPC`s Kargil Green Hydrogen Mobility Station EPC Project
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Gensol Engineering is currently trading at Rs. 810.00, up by 3.90 points or 0.48% from its previous closing of Rs. 806.10 on the BSE.
The scrip opened at Rs. 807.60 and has touched a high and low of Rs. 830.00 and Rs. 801.00 respectively. So far 13637 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 945.85 on 18-Oct-2023 and a 52 week low of Rs. 265.68 on 14-Mar-2023.
Last one week high and low of the scrip stood at Rs. 830.00 and Rs. 790.00 respectively. The current market cap of the company is Rs. 3052.93 crore.
The promoters holding in the company stood at 64.67%, while Institutions and Non-Institutions held 3.32% and 32.01% respectively.
Gensol Engineering has been identified as the lowest bidder for Engineering, Procurement and Commissioning (EPC) contract for a groundbreaking green hydrogen-based mobility station in Kargil, Ladakh. The company has secured this project by demonstrating the techno-commercial competency in collaboration with Matrix Gas & Renewables (Matrix). This notable project, to be commissioned by the National Hydroelectric Power Corporation (NHPC), is aimed at operating buses powered by hydrogen fuel cells within the region. This initiative is in line with the government's ambitious targets for green hydrogen energy.
Gensol is set to develop a 500-kW grid-connected, ground-mounted solar power project that will provide energy to the hydrogen refueling station. Matrix, India’s most rapidly expanding natural gas aggregator and hydrogen infrastructure developer, will oversee the Engineering, Procurement, and Commissioning of dual electrolysers, each with a capacity of 30 NM3. The scope of work includes the entire balance of plant EPC encompassing the green hydrogen system installation, storage, and dispensing facilities, in addition to the requisite civil and electrical infrastructure for the integrated solar and hydrogen operation in Ladakh.
This pioneering project, unprecedented in India, spans the complete green hydrogen supply chain. Gensol pledges to execute the project for NHPC, ensuring a minimum green hydrogen purity of 99.97%, with the project slated for completion within 12 months from the issuance of the work order. The NHPC project win is poised to strengthen Gensol's and Matrix's market standing, enhance their technical prowess, and open new avenues for growth and collaboration in the renewable energy sector. Gensol & Matrix are both companies promoted by common promoters and will continue to collaborate in the Green Hydrogen domain taking benefit of the skill sets of each entity.
Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.
