Renewable energy and electric mobility solutions provider Gensol Engineering Ltd on Thursday announced that it has emerged as the lowest bidder for the Kargil Green Hydrogen Mobility Station EPC Project of hydropower major NHPC.

Share Market Live

NSE

Gensol Engineering has bagged the project in collaboration with Matrix Gas & Renewables Ltd (Matrix), the company said in an exchange filing.

Reacting to the latest development, shares of Gensol Engineering gained as much as 2.96% to hit a high of ₹830 in morning session.

Under the project, Gnesol will develop a 500-kW grid-connected, ground-mounted solar power project that will provide energy to the hydrogen refueling station at Kargil in Ladakh.

The project is aimed at operating hydrogen fuel cell-powered buses in the Ladakh region which is in line with the government’s ambitious initiative for green hydrogen energy.

Gensol said that the scope of work includes green hydrogen system installation, storage, and dispensing facilities, as well as the requisite civil and electrical infrastructure for the integrated solar and hydrogen operation in Ladakh.

Also Read: Bajaj Finance Share Price: Here's what analysts have to say on RBI's action against the NBFC

The project is expected to be completed in 12 months from the issuance of the work order, Gensol said.

According to Chirag Kotecha, whole-time director of Matrix Gas and Renewables, Green Hydrogen-based mobility station pilot project will establish the technical and commercial feasibility of green hydrogen.

The initiative will pave the way for scaling up to larger projects and will contribute significantly to India's energy security, Matric stated.

Gensol Engineering is a part of the Gensol group, providing engineering, procurement, and construction (EPC) services for solar power plant development.

Gensol has also established an electric vehicle manufacturing plant in Pune for the development and production of electric three wheelers and four wheelers.

It recently bagged an order for the supply of 300 Electric Vehicles to Orissa Renewable Energy Development Agency (OREDA). It also made its international foray with EPC projects in the UAE.

Shares of Gensol Engineering were trading 0.61% at ₹801.15 apiece on BSE at 10.25AM.

Catch live market updates with CNBC-TV18.com's blog

(Edited by : Asmita Pant)

First Published:Nov 16, 2023 11:15 AM IST