Gensol Engineering extends gains for the second straight day, shares rise 2% on announcement of US subsidiary

In an exchange filing on August 27, Gensol Engineering announced entry into the US market with the launch of a Delaware-based subsidiary, Scorpius Trackers Inc. The company mentioned that Scorpius is set to debut its tracker technology at the RE+ Conference in Anaheim, slated to be held between September 9 and 12. The tracker technology will also be showcased in Austin and San Diego.

Scorpius Trackers Inc.’s first office in the US will be located in California.

The company aims to leverage the potential of the US solar tracker market, which deploys trackers aggregating over 25,000 MW annually. The US tracker market is growing at a Compound Annual Growth Rate (CAGR) of over 20%.

The Gensol Engineering subsidiary aims to supply over 2,000 MW annually by 2028, capitalising on the vast growth potential in the US, the world's largest solar tracker market

On August 21, Gensol Engineering announced that it had received a Letter of Award (LOA) for the execution of a 16 MWp turnkey Engineering Procurement Construction (EPC) rooftop solar project worth ₹40 crore from a leading textile company.

As a part of the order, the rooftop solar project will be installed in Madhya Pradesh and commissioned in six months. The company added that the project will utilise high-efficiency bi-facial solar modules, chosen to maximise energy output and ensure long-term durability.

Gensol Engineering’s shares pared the early gains and traded 0.83% lower at ₹939.10 a piece on the NSE at around 12:45 PM on August 28.