Gensol Engineering’s JV emerges as lowest bidder for bio-hydrogen project worth ₹164 crore

The project, which is to be established by the Gensol-Matrix consortium, will convert 25 tons of bio-waste into one ton of hydrogen per day. The project is valued at ₹164 crore and is scheduled for completion within 18 months.

The company said it has strategically partnered with Westinghouse, USA which has patented technology and has commissioned multiple plants globally. “The scope of work includes developing the establishment of a 25 tons per day (TPD) bio-waste processing and producing one TPD green hydrogen infrastructure from pre-gasification plasma induced radiant energy-based gasification system technology,” it said.

Gensol and Matrix are promoted by common promoters and the firm said they will continue to collaborate in the green hydrogen and its derivatives including green steel and green ammonia domain, taking benefit of the skill sets of each entity.

Recently, Gensol Engineering announced its entry into the U.S. market with the launch of its Delaware-based subsidiary, Scorpius Trackers Inc. The firm said that the first U.S. office of Scorpius Trackers will be strategically located in California.

Gensol said the U.S. tracker market is growing at a robust compounded annual growth rate (CAGR) of more than 20%. With a goal to supply over 2,000 MW annually by 2028, Scorpius Trackers aims to capitalize on its decade long experience and 1,000 MW+ of contracted orders across key markets including India, Africa, Japan, and the Middle East, it said.

Meanwhile, during the first quarter of fiscal year 2025, Gensol reported a 105% year-on-year (YoY) jump in its total revenue at ₹297 crore. Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 143% YoY to ₹89 crore. Net profit rose 50% YoY to ₹15 crore during the quarter.

Shares of Gensol have risen over 10% since the beginning of the year. The stock has lost over