Gensol-Matrix consortium bags 237 MW hydrogen electrolyser order under PLI Scheme

The Gensol Group flagship company Gensol Engineering Ltd in collaboration with Matrix Gas & Renewables Ltd have won a contract to manufacture 237 MW of hydrogen electrolysers under a Production Linked Incentive (PLI) scheme, according to an official statement. The consortium's bid includes a previously awarded 63 MW from the first tranche of the Solar Energy Corporation of India (SECI) tender, with the overall PLI scheme incentive totaling ₹450 crore, Gensol Engineering says in an exchange filing today.

Despite this positive development, shares of Gensol Engineering dropped 0.95% to ₹947.50 apiece on the BSE today. The scrip opened higher at ₹967.75 against previous closing price of ₹956.60. The company’s market cap stood at ₹3,588.46 crore.

As per the company, this opportunity arose from a competitive tender issued by the SECI, bringing the consortium's total secured capacity to 300 MW.

While emphasising the significance of renewable energy, Anmol Jaggi, managing director, Gensol Engineering Ltd., said, "Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities. It not only strengthens our position in the green hydrogen sector but also opens up new avenues for growth and collaboration in renewable energy."

Gensol and Matrix, both supported by shared stakeholders, will continue their collaboration in the green hydrogen sector, focusing on producing green derivatives like green steel and green ammonia. This partnership will harness their combined expertise to advance India’s energy transition and decarbonisation efforts, it adds.

On securing the PLI bid, Chirag Kotecha, the whole-time director at Matrix Gas and Renewables Ltd said, "Electrolyser manufacturing initiative is central to our strategy for large-scale decarbonisation through green hydrogen, aligning with our vision of establishing India as a leader in sustainable, low-carbon energy."

The Ministry of New and Renewable Energy (MNRE) launched the PLI scheme as part of India's National Green Hydrogen Mission. The PLI scheme plays a crucial role in India's plan to produce 5 MMT of green hydrogen annually by 2030. Electrolysers, which are vital for green hydrogen production, are at the core of this mission.

The National Green Hydrogen Mission was launched on January 4, 2023, with a budget allocation of ₹19,744 crores extending up to FY 2029-30. This mission aims to support India's ambition to achieve Aatma Nirbhar (self-reliance) in clean energy and to act as a model for the global Clean Energy Transition, the ministry states.

The Mission will lead to decarbonisation of the economy, less reliance on fossil fuel imports, and position India as a leader in Green Hydrogen technology and market. The Scheme will be executed with a total budget allocation of ₹200 crores until the financial year 2025-26, it adds.