Matrix Gas & Renewables raises INR 350 Crore in pre-IPO round

Fundraise to advance the company's growth initiatives and fund the ongoing capital expenditure plan

AHMEDABAD, India, March 5, 2024 /PRNewswire/ -- Matrix Gas and Renewables Ltd. (Matrix), a Gensol Group company, is the fastest-growing green hydrogen infrastructure developer and natural gas aggregator. Matrix has successfully raised INR 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 the setting up and commissioning of green hydrogen production plants on Engineering, Procurement and Construction (EPC) and Build-Own-Operate (BOO) basis, along with setting up a Hydrogen Electrolyser Manufacturing plant — both secured in consortium with Gensol Engineering Ltd.

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.

Underscoring the significance of this fund raise, 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."

Matrix is strategically positioned to contribute significantly to India's growing energy demand, by providing a reliable and competitively priced supply of natural gas from diverse sources. The company is further set to bolster its growth with diversification plans in green hydrogen infrastructure development. The company is backed by serial entrepreneurs Anmol Singh Jaggi and Puneet Singh Jaggi, founders of the Gensol Group (Gensol Engineering Ltd., Prescinto Technologies and BluSmart), and the Matrix business, led by Chirag Kotecha, who has more than 18 years of experience in the natural gas industry.

About Matrix Gas & Renewables

Matrix Gas and Renewables Ltd. is well positioned in India's energy landscape to contribute significantly to the country's growing energy demand, through a steady supply of natural gas and green hydrogen from diverse sources at competitive prices. With a team comprising experienced professionals, they bring deep expertise in the natural gas and green hydrogen business in India, to provide reliable and innovative solutions to their customers. Promoted by a diversified Gensol Group, Matrix has a solid foundation in the new energy, renewable energy, and electric mobility sectors.

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