Matrix Gas and Renewables Limited: Powering India’s Energy Future
Matrix Gas & Renewables Limited is a key player in India’s energy sector, focusing on the sourcing and marketing of natural gas and Regasified Liquefied Natural Gas (R-LNG). Founded in 2018 and headquartered in Ahmedabad, Gujarat, the company ensures a steady supply of natural gas from diverse sources at competitive prices, meeting the growing energy demands of Indian downstream customers.
Prominent Backing and Expertise
Promoted by Gensol Engineering Ltd. and BluSmart Mobility, Matrix Gas leverages a strong foundation in renewable energy and electric mobility. Gensol Engineering is renowned for solar EPC and O&M services, while BluSmart is a pioneer in India’s EV ride-hailing service and EV charging infrastructure.
Core Business Operations
1. Natural Gas Aggregation: Matrix Gas specializes in natural gas aggregation, reaching a peak of 1.50 million metric standard cubic meters per day (mmscmd) in 2023, distributed to 21 customers across seven states. This includes sales to both open market customers and aggregators.
2. City Gas Distribution (CGD): The CGD network efficiently supplies natural gas to various sectors within urban areas, including domestic, commercial, industrial, and CNG sectors.
3. Hydrogen EPC Projects: Matrix Gas is developing hydrogen projects, collaborating with state-owned companies like NHPC and NTPC. Notable projects include the NHPC Kargil Project and the NCL Pune Project, focusing on green hydrogen production and infrastructure.
4. Electrolyzer Manufacturing Plant: An alkaline-based electrolyzer manufacturing plant with a capacity of 350 MW is set to be operational by 2024, with plans to expand to 1 GW by 2026 and 2 GW by 2030.
5. Bio Hydrogen as Fuel: Matrix Gas has partnered with SGH2 to develop bio hydrogen as a fuel, setting up a green hydrogen retail outlet for H2 cars in NCR Delhi.
Geographical Reach and Diversification
Operating in states like Gujarat, Rajasthan, Maharashtra, Haryana, Punjab, Uttarakhand, Uttar Pradesh, and Himachal Pradesh, Matrix Gas serves a diverse range of industries, including crude refineries, ceramic industries, fertilizer plants, petrochemical facilities, and more.
Financial Performance
In FY 2023, Matrix Gas reported significant growth:
- Revenue: ₹490 crore
- EBITDA: ₹45.82 crore
- PAT: ₹32 crore
- Share Price: ₹925
Funding and Recent Developments
- Matrix Gas raised ₹350 crore in a pre-IPO round to expand its gas business and hydrogen production.
- The company secured a Production Linked Incentive (PLI) bid for hydrogen electrolyser manufacturing, in partnership with Gensol Engineering.
Conclusion
Matrix Gas & Renewables is committed to delivering reliable and innovative energy solutions, establishing itself as a trusted partner in India’s energy industry.
Read more about the comprehensive journey and future plans of Matrix Gas & Renewables in our full blog post here: Matrix Gas and Renewables Limited: Financial Highlights, Valuations & Recent News
