Gensol Engineering and Matrix Gas & Renewables to setup India’s first Green Hydrogen Valley.

Gensol Engineering’s shares were trading higher by over 2% at ₹926.85 per share after the company announced that it had secured the project to set up India’s first Green Hydrogen Valley in Pune, Maharashtra. The company secured to project in collaboration with Matrix Gas & Renewables. Matrix Gas & Renewables is a fast-growing green hydrogen infrastructure developer and natural gas aggregator. Anmol Jaggi, managing director at Gensol Engineering, said that the project has received support from government initiatives. As a result, the project will enable the company to supply green hydrogen to the specialty chemical sector in Pune.

“We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India,” he said.

Chirag Kotecha, whole-time director at Matrix Gas & Renewables, stated that the Green Hydrogen Valley is being facilitated by National Chemical Laboratories (NCL), Pune in the Kurkumb region. The company has been selected to set up a green hydrogen generation plant on a BOO basis through an electrolysis route. Both companies are promoted by common promoters. Gensol stated that the companies will work together in the green hydrogen space which includes its derivatives like green steel and green ammonia.

Gensol and Matrix Gas recently emerged as the lowest bidders for an engineering, procurement, and construction (EPC) contract for India’s first biomass-to-green hydrogen project. The consortium has partnered with Westinghouse, USA which has patented technology along with a track record of commissioning multiple plants globally. The project is worth ₹164 crore and is expected to be completed within 18 months.

In Q1FY25, Gensol Engineering reported a 50% year-on-year (YoY) growth in net profit to ₹15 crore. The total consolidated revenue for the quarter surged 105% YoY to ₹297 crore. The earnings before interest, taxes, depreciation, and amortisation (EBITDA) skyrocketed 143% YoY to ₹89 crore.