Urban India to gain from Gail-Bloom Energy partnership; shares up 2%
Minister of State for petroleum and natural gas, Dharmendra Pradhan said,"The biggest beneficiary of this MoU will be urban India as it will significantly decrease pollution caused by back up power."
Shares of Gail India have surged by 2% to Rs 369.75 after it entered into partnership with Silicon-valleys Bloom Energy on August, 22.
On BSE index, nearly 64,302 shares have been exchanged by investors following the development.
Leading natural gas service provider Gail India and Bloom Energy announced a new partnership to enhance India's energy future by adapting innovative technology.
Both the companies also signed a Memorandum of Understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity.
On the occasion, Minister of State for petroleum and natural gas, Dharmendra Pradhan said,"The signing of the MoU between Bloom Energy and GAIL is a significant step towards realizing the Prime Minister Narendra Modi's vision of using technology and innovation for fast tracking India's progress. The biggest beneficiary of this MoU will be urban India as it will significantly decrease pollution caused by back up power."
Presently, the technology is used by over 100 of the Fortune 500 companies that are diversified majors in FMCG, IT, Telecom, Retailing and e-commerce.
The state-of-art solid oxide fuel cell (SOFC) technology of Bloom Energy Servers convert fuel into electricity using natural gas as the base fuel to generate reliable and resilent electricity.
Bloom Energy's CEO and founder, Dr KR Sridhar, said,"This partnership brings us closer to realizeing Bloom Energy's mission to provide access to clean, reliable and affordable energy for India and the world."
This unique tie-up aims to leverage the strengths of both the organization. With Gail India bringing Natural gas portfolio and Bloom Energy with its integrated gas supply networks.