Gensol Engineering inks pact with Matrix Gas & Renewables to develop Green Steel production facility

Gensol Engineering Ltd. | Engineering - Construction | Construction & Infrastructure | BSE: 542851 | NSE: GENSOL

21 Oct 2024 Evaluate

Gensol Engineering has partnered with Matrix Gas & Renewables, a key player in natural gas aggregation and green hydrogen, to develop India’s first and largest Green Steel production facility. This facility will utilize 100% Green Hydrogen, marking a significant step forward in sustainable steel production. It is one of three pilot projects sanctioned under the National Green Hydrogen Mission by MECON, in alignment with the Ministry of Steel (MoS) and the Ministry of New and Renewable Energy (MNRE), representing significant technological advancement in sustainable steel production in India.

The project’s total capital expenditure (capex) is estimated at Rs 321 crore, with the Government of India providing 50% capex incentives to support this groundbreaking initiative. This investment underscores the shared commitment of both the government and the consortium to promote sustainable development and reduce carbon emissions in the steel industry.

The facility will employ direct reduced iron (DRI) vertical shaft technology to convert iron ore into sponge iron. Developed for Indian-grade ore, this process will support Matrix’s broader goal of establishing similar Green Steel plants for medium- to small-scale producers in Chhattisgarh, Odisha, and other regions across India. Traditionally, sponge iron production relies on fossil fuels, emitting CO? in the process. By utilizing green hydrogen produced with renewable energy, this new approach will replace coal and natural gas, eliminating CO? emissions--a major leap forward in clean iron production.

Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.

Gensol Engineering Share Price

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