GAIL India Launches First Green Hydrogen Plant in Vijaipur, Stock Rises 2%
Key Ideas
- GAIL India inaugurated a 10 MW green hydrogen plant in Vijaipur under the National Green Hydrogen Mission, leading to a 2% rise in stock value.
- The plant will produce 4.3 TPD of hydrogen with 99.99% purity using renewable power for electrolysis, alongside 20 MW solar power plants.
- Initially, the hydrogen will be used as fuel in conjunction with natural gas for internal processes, with plans to source renewable power through open access.
- Despite a 5.6% revenue drop in the March quarter, GAIL's green hydrogen initiative signals a positive step towards sustainable energy production.
On May 27, GAIL India Limited saw a 2% increase in its stock value, reaching Rs. 208 per share, following the launch of its first 10 MW green hydrogen plant in Vijaipur, Madhya Pradesh. This plant, established under the National Green Hydrogen Mission, aims to produce 4.3 tonnes per day of hydrogen with a purity of 99.99%. GAIL is also installing 20 MW solar power plants to power the electrolyzer for green hydrogen production. Initially, the hydrogen will be used as a fuel alongside natural gas for internal processes. Despite a decrease in revenue and net profit in the March quarter, this initiative demonstrates GAIL's commitment to sustainable energy practices. By leveraging renewable power sources and embracing green hydrogen technology, GAIL is taking a significant step towards reducing carbon emissions and promoting a cleaner energy future.