Matrix Gas & Renewables, a wholly owned subsidiary of Gensol Group, is planning to file for its initial public offering (IPO) in 2025 and raise up to Rs 12 billion. The company seeks to take advantage of the country’s booming IPO market to fund its green hydrogen projects.
Matrix Gas & Renewables is targeting the development of 1,000 MW of green hydrogen projects over the next three years. The company plans a capital expenditure of Rs 35 billion, which it intends to raise through a mix of 70 per cent debt and 30 per cent equity, in multiple tranches.
In September 2024, the Gensol Engineering Limited and Matrix Gas and Renewables Limited Consortium was chosen to develop a green hydrogen valley in Pune, Maharashtra. In the same month the company also won a contract to develop India’s first bio-hydrogen project.
