Matrix Gas & Renewables Raises Rs 350 Crore In Pre-IPO Round

Matrix Gas & Renewables Raises Rs 350 Crore In Pre-IPO Round

Gensol Group Company, Matrix Gas & Renewables Limited, has raised Rs 350 crore in the pre-IPO round. With the current capital raise, Matrix is now well positioned to accelerate its growth initiatives towards expanding market share for the gas aggregation business, acquiring City Gas Distribution (CGD) assets, and funding the ongoing capital expenditure plan. This round will also expedite setting up and commissioning of green hydrogen production plants on an Engineering, Procurement, and Construction (EPC) and Build-Own-Operate (BOO) basis along with setting up Hydrogen Electrolyser Manufacturing plant — both secured in consortium with Gensol Engineering Ltd.

Anmol Singh Jaggi, Chairman and Managing Director, Matrix Gas and Renewables Ltd. said, “This fundraising is not just for business acceleration but also for strengthening our commitment to contribute significantly to meet India’s growing energy needs for natural gas as the transition fuel and hydrogen as the upcoming fuel. As a part of our growth strategy, the company will make substantial investments in new initiatives and the infusion of equity will help us to accelerate our plans. We are confident to build a sustainable business and are committed to creating long-term value for our stakeholders.”

The pre-IPO round saw participation from key investors like Mr. Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage LLP), Blue Lotus Fund, NAV Capital Emerging Fund, and the promoters of the company, according to a press release by the company.

Last year, Renewable energy platform Matrix Renewables and RPlus Energies, a diversified renewable energy development firm, launched Pleasant Valley Solar, a 200MWac/261MWdc solar project in Idaho’s Ada County. Once the solar facility starts operating, the project will be the largest solar facility in Idaho Power’s service territory. The power generated will be injected into the same grid providing support to Meta’s new data centre located in Idaho.