Gensol Engineering acquires Gridstor Energy - Check details

Gensol Engineering Limited has informed exchanges that it has acquired a 99.99 per cent equity stake in Gridstor Energy Private Limited.

"...the company has subscribed 9,999 (Ninety Thousand Nine Hundred Ninety-Nine) Equity Shares which is 99.99 % of total share capital of the Company by investing Rs. 99,990.00 in Gridstor Energy Private Limited ("The target company") having CIN: U35105GJ2024PTC154856, by virtue of this transaction, the target Company will become the wholly-owned subsidiary company of the Gensol Engineering Limited," the company said.

According to the company, it wants to carry out the business of generation, development, accumulation, production, manufacturing, processing and distributing of any kind of power or electrical energy using wind energy, solar energy, renewable energy, battery storage etc., through its wholly owned subsidiary company.

Meanwhile, the company has emerged as the lowest bidder for developing India's first bio-hydrogen project. The company has won the bid in collaboration with Matrix Gas & Renewables - a fast-growing green hydrogen infrastructure developer and natural gas aggregator.

The project, to be established by the Gensol – Matrix consortium, will convert 25 tons of bio-waste into 1 ton of hydrogen per day.
 
The project valued at Rs 164 crore, scheduled for completion within 18 months, marks a significant milestone on aligning with the National Green Hydrogen Mission for biomass to green hydrogen generation.