KPI Green Energy shares soar 17% amid strong volumes

Shares of KPI Green Energy Ltd surged 17.19 per cent in Tuesday's trade to touch a high of Rs 473.45. The counter witnessed heavy volumes coupled with price action as around 27.58 lakh shares were last seen changing hands. The figure was way more than the two-week average volume of 37,000 shares. Turnover on the counter came at Rs 127.57 crore, commanding a market capitalisation (m-cap) of Rs 9,277 crore.

The solar and hybrid power player recently received three Notifications of Award (NOA) from NTPC Ltd for a plasma gasification-based green hydrogen generation project using MSW-RDF and agri-waste at NETRA, NTPC Greater Noida. Plasma gasification is a waste-to-energy process that converts municipal solid waste, refuse-derived fuel and agricultural waste into synthesis gas for green hydrogen production, while reducing landfill load.

According to the company, the project involves setting up a 1 TPD green hydrogen generation plant based on plasma-induced radiant energy gasification technology as specified in NTPC's bidding documents. The scope of work will adhere to the terms and conditions stated in the award notifications.

KPI Green stated that this marks its first green hydrogen project and is among the early plasma gasification-based hydrogen initiatives in India, extending its renewable portfolio that includes solar, wind and hybrid projects. It said the move underscores plans to explore waste-to-energy and green hydrogen technologies by leveraging its engineering and execution capabilities.

Separately, the board approved a Rs 475 crore fundraise from promoter group entity Quyosh Energia through the issue of up to 1.1 crore fully convertible equity warrants on a preferential basis at Rs 470.30 each, the company informed in an exchange filing.