Global asset management firm Blue Lotus and Dubai-based wealth management firm NAV Capital have invested in Matrix Gas & Renewables Ltd, a green hydrogen infrastructure developer and natural gas aggregator.
Matrix, a Gensol Group company, raised Rs 350 crore (around $42.2 million as per current rates) in its pre-IPO round. Other investors who participated in the round include 4GCapital Venture’s Gunavanth Vaid, Sarda Group, Singhvi Heritage LLP’s Sunil Kumar Singhvi and the promoters of the company.
Matrix is planning to use the fund to expand 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 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, the company said in a release.
“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,” said Anmol Singh Jaggi, chairman and managing director, Matrix.
Jaggi is also the co-founder of Gensol, Prescinto Technologies and BluSmart.
“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,” said Jaggi.
Matrix, which is led by Chirag Kotecha, is looking to expand its growth with diversification plans in green hydrogen infrastructure development. Kotecha has more than 18 years of experience in the natural gas industry.
