Share Market News: Gensol Engineering Shares in focus As Company Expands Global Footprint

Shares of Gensol Engineering are in focus as the company has announced its global footprint. The company is expanding in the US market with the launch of its subsidiary Scorpius Trackers Inc. According to an exchange filing, the first office of the company will come up in in California – at the heart of one of the most dynamic renewable energy markets globally.
“Gensol Engineering Ltd. today announced its entry into the U.S. market with the launch of its Delaware-based subsidiary, Scorpius Trackers Inc. With this, Scorpius is set to debut its state-of-the-art tracker technology at the RE+ Conference in Anaheim, 9 – 12 September 2024, with subsequent showcase planned in Austin and San Diego,” the company said in an exchange filing.
This strategic move marks Scorpius’ commitment to leverage the vast potential of the U.S. solar tracker market, which is the largest in the world and deploys trackers aggregating over 25,000 MW annually. Importantly, the U.S. tracker market is growing at a robust CAGR of more than 20%.
“Entering the US market is a landmark achievement for Scorpius Trackers. Our proven technology and deep expertise in diverse global markets will ensure that we develop cutting-edge, reliable, and cost-effective solutions that will cater to the unique needs of US utility-scale plants. This expansion will pave the way for substantial growth and further establish Scorpius Trackers as a leader in the solar tracking industry,” said Shailesh Vaidya, co-founder and chief executive officer of Scorpius Trackers India Pvt.
Meanwhile, the counter opend in green at Rs 970 today – a gain of 3.54 per cent from the previous close of Rs 947.75. Last seen, the counter was trading in red at Rs 937.10.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)