Shares of Gensol Engineering were trading 3% higher on 16 November after the company announced that it had emerged as the lowest bidder for an EPC (engineering, procurement, and commissioning) contract for a green hydrogen-based mobility station in Kargil, Ladakh.
The project is to be commissioned by the National Hydroelectric Power Corporation. The company has to develop a 500 kilowatt grid-connected, ground-mounted solar power project, which will provide energy to the hydrogen refuelling station.
The company has secured the project in collaboration with Matrix Gas, and Renewables Ltd. Matrix will oversee the EPC of dual electrolysers that each have a capacity of 30 NM3.
The scope of the work includes the entire balance of the plant EPC, which encompasses the installation, dispensing, and storage of the green hydrogen system. The order has to be executed within 12 months from the issuance of the world order.
In October, the company secured an order from Maharashtra State Power Generation Co Ltd for Rs 301.5 crore for the installation and commissioning of a solar power plant.
The shares touched a 52-week high of Rs 945.85 on 18 October 2023 and a 52-week low of Rs 265.68 on 14 March 2023.
At 12:48 pm, the shares of Gensol Engineering were trading 2.71% higher at Rs 808.80 on NSE.