Gensol Engineering Limited has partnered with Matrix Gas & Renewables to develop India’s largest Green Steel plant, a groundbreaking project that aims to revolutionize steel production by utilizing 100% green hydrogen and eliminating fossil fuels entirely. This initiative is part of the National Green Hydrogen Mission, with the project receiving support from MECON, the Ministry of Steel, and the Ministry of New and Renewable Energy. The plant, which will cost approximately Rs 321 crore, is eligible for a 50% capital expenditure subsidy from the Government of India, highlighting a collective commitment to advancing sustainable industrial practices and achieving net-zero carbon emissions in the steel sector.
The facility will employ vertical shaft Direct Reduced Iron (DRI) technology, specifically designed to process Indian-grade ore into sponge iron without generating CO2 emissions. This innovative approach positions the plant as a leader in clean iron production, setting a new standard for the industry. A pilot plant with a capacity of 50 tons per day (TPD) will be developed in collaboration with IIT Bhubaneswar and Metsol AB (Sweden). Matrix will oversee the project’s planning and execution, which includes securing land, conducting environmental assessments, and managing various design and engineering tasks.
This project not only aligns with India’s vision for a greener future but also reinforces Matrix’s capability to implement cutting-edge energy projects. In addition to its work in the steel sector, Gensol Engineering is also making strides in the electric vehicle (EV) market, with an assembly plant in Pune capable of producing 30,000 electric three-wheeler and four-wheeler vehicles annually. They have leased over 3,000 EVs, aiming to expand their leasing operations further. Through these initiatives, Gensol is actively promoting innovative technologies in clean energy and electric mobility, contributing significantly to a sustainable future.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial or investment advice. Readers are encouraged to conduct their own research and consult with qualified professionals before making any investment decisions. The details regarding the Gensol Engineering and Matrix Gas project, including costs and government subsidies, are based on available sources and may be subject to change. The author and publisher do not assume any liability for the accuracy or completeness of the information provided.
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