Shares of Taylormade Renewables Limited (TRL) were locked at a 5% upper circuit following the announcement of a contract valued at Rs 1.59 Crore. TRL has become an industrial partner with Indian Oil Corporation Limited (IOCL) for Net Zero Carbon Emission and Energy Efficiency Improvement projects.
TRL’s shares opened today at a 5% upper circuit and were locked in during the day. The scrip closed 4.99% higher at Rs 670.55 on the National Stock Exchange (NSE).
As per the contract terms, IOCL will provide requirements and proposed designs, which TRL will implement in the design and production of systems. The dual-axis tracking parabolic dish-based solar thermal energy system (STES) for processing heat will be designed according to IOCL recommendations, aiming to reduce fossil fuel use for thermal energy needs in production.
The work order, received from Indian Oil Corporation’s R&D Centre, is for a pilot project on a Solar Thermal Energy System. The project involves fabricating a dual-axis tracking parabolic dish-based system designed to IOCL specifications. Successful completion could lead to implementation across all IOCL refineries and other Public Sector Undertakings (PSUs), contributing to IOCL’s Net Zero Carbon Emission targets.
The customised system, consisting of 5 dishes of 92 square metres each, will be integrated with an existing boiler at IOCL Lube Oil Blending Plant, Asaoti, enhancing process heat through the preheating of boiler feed water up to 80 – 90° C.
Taylormade Renewables Limited specialises in providing renewable energy solutions, focusing on manufacturing Solar Parabolic Concentrating Systems for steam generation used in industrial applications and steam cooking.