Exciting News for India’s Green Energy Future!

In a groundbreaking development, a consortium led by Gensol Engineering Limited and Matrix Gas & Renewables has officially been awarded the contract to create **India’s first green hydrogen-powered steel facility**. The announcement came on Monday, marking a significant step forward in sustainable energy. This ambitious project is estimated to cost a whopping ₹321 crore (approximately $38.5 million), with the Government of India generously backing it with 50% capital expenditure support.

Market Response

On the National Stock Exchange (NSE), shares of Gensol Engineering Limited were trading at ₹811.60, experiencing a modest drop of ₹13.65, or 1.65%, at 11.45 AM today.

Facility Details

The green hydrogen facility is part of a trio of pilot projects sanctioned under the National Green Hydrogen Mission, boasting an impressive production capacity of **50 tons per day**. Utilizing direct reduced iron vertical shaft technology, this innovative facility will revolutionize the conversion of iron ore into sponge iron by replacing traditional fossil fuel methods. The result? A remarkable reduction in CO₂ emissions!

• Also read: Gensol-Matrix consortium wins bid for 237 MW capacity for setting up hydrogen electrolyser plant

Collaborative Efforts

This exciting consortium also includes notable partners such as IIT Bhubaneswar and Sweden’s Metsol AB. Matrix Gas & Renewables will be steering the entire project lifecycle, handling everything from land acquisition to the final commissioning. The ultimate aim of the facility is to serve as a blueprint for medium and small-scale producers in regions like Chhattisgarh, Odisha, and beyond.

• Also read: Gensol Engineering lands AED 81.6 million solar contract in Dubai, shares soar

Aligned with National Goals

Gensol Engineering brings a wealth of expertise in renewable energy and EPC services, ensuring the success of this project. This initiative isn’t just about producing steel; it’s also about aligning with India’s overarching goals under the National Green Hydrogen Mission to enhance sustainable steel production and significantly cut down carbon emissions in the industrial sector.

Looking Ahead

The successful implementation of this facility could herald a new era for environmentally friendly steel production in India, paving the way for a greener future. Stay tuned for more updates as this story unfolds!