Gensol Engineering surges over 5% as company bags PLI bid for electrolyser plant

Gensol Engineering witnessed a trading surge of over 5% around 11:40 am on February 12.

The sustainable energy solutions provider, in collaboration with Matrix Gas & Renewables Ltd, announced the grant of manufacturing capacity for an advanced electrolyser plant under the Sustainable Hydrogen Innovation and Green Hydrogen Technologies (SIGHT) programme.

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This development marks a significant stride in India’s commitment to green hydrogen as a fundamental component of its decarbonization strategy and net-zero emission pledge.

According to the announcement, the awarded project boasts a manufacturing capacity of 63 MW per annum, strategically poised to make a substantial contribution to India’s ambitious target of producing 5 million metric tonnes of green hydrogen annually by 2030. This aligns with the national Green Hydrogen Mission, supported by the production-linked incentive (PLI) scheme, reinforcing the collective pursuit of net-zero emissions and sustainable development.

As of 11:40 am, Gensol Engineering shares were trading 5.58% higher at ₹1,174.00.