Matrix Gas & Renewables
Matrix Gas & Renewables is an Indian Gensol Group subsidiary that supplies natural gas to industrial customers and runs a government-backed green hydrogen pilot for steel production with SAIL and Simplex Castings under the National Green Hydrogen Mission.
- Company typePrivate
- Founded2022
- HeadquartersAhmedabad, India
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Matrix Gas & Renewables does
Matrix Gas & Renewables Limited is an Indian private company and subsidiary of Gensol Group, headquartered in Ahmedabad. It operates two business lines: a natural gas distribution business supplying industrial customers in India, and a green hydrogen pilot program targeting low-carbon steel production. The company was selected by India's Ministry of New and Renewable Energy (MNRE) as one of three entities to implement green hydrogen pilot projects under the National Green Hydrogen Mission, partnering with Steel Authority of India and Simplex Castings to validate the use of green hydrogen in direct reduced iron and blast furnace applications. The government committed Rs 3.47 billion (~$41 million) in financial support to the consortium, with commissioning expected within three years.
The company's business model combines natural gas supply revenues from industrial customers with government-subsidized green hydrogen pilot development. In March 2024, Matrix Gas raised Rs 350 crore (~$42 million) in a pre-IPO funding round from Blue Lotus, NAV Capital Emerging Star Fund, and Sarda Group, with stated use of proceeds covering gas business expansion, acquisitions, and capital expenditure. The company employs 51-100 people and is led by CEO and Managing Director Chirag Kotecha, with Founder and Chairman Anmol Singh Jaggi (co-promoter of Gensol Group) and President Brijesh Thakkar (Business Development).
The company's strategic trajectory has been severely disrupted by regulatory actions against its parent. The planned IPO is in jeopardy following SEBI's order against Gensol Engineering and the resignation of promoters Anmol Singh Jaggi and Puneet Singh Jaggi. The Enforcement Directorate has alleged that National Green Hydrogen Mission grants intended for a Matrix Gas pilot were diverted to purchase a luxury apartment valued at Rs 32.56 crore, and NCLT has initiated insolvency proceedings against Gensol entities, with the asset freeze extending to Matrix Gas. Environmental, governance, and solvency risks now materially outweigh the underlying industrial opportunity.
Matrix Gas & Renewables firmographics
Firmographics- Name
- Matrix Gas & Renewables
- Legal name
- Matrix Gas & Renewables Limited
- Website
- https://matrixgas.in
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Matrix Gas & Renewables is an Indian Gensol Group subsidiary that supplies natural gas to industrial customers and runs a government-backed green hydrogen pilot for steel production with SAIL and Simplex Castings under the National Green Hydrogen Mission.
- Ownership category
- akta.pro rank
Matrix Gas & Renewables industry classification
Industry- Product category
- Industrial Gas Distribution
- NAICS
- Natural Gas Distribution (2212), Industrial Gas Manufacturing (32512)
- SIC
- Natural Gas Distribution (4924)
- akta.pro primary industry
- Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)
- akta.pro secondary industries
- Hydrogen (Industrial & Mobility) (IMAEACAB), Hydrogen Blending Strategy & Regulatory Readiness (EUAJAJAE)
Keywords
Where Matrix Gas & Renewables is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Markets served
Matrix Gas & Renewables business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure
Matrix Gas & Renewables product offering
Product offeringCore offering
Matrix Gas & Renewables provides reliable and affordable natural gas supply from various sources to industrial customers in India. The company is also developing green hydrogen production capabilities for industrial applications, including low-carbon steel manufacturing through direct reduced iron and blast furnace routes, supported by India's National Green Hydrogen Mission.
Product overview
Matrix Gas & Renewables Limited, a Gensol Group company, operates in the green energy sector with a focus on green hydrogen production and distribution. The company was selected by the Indian Ministry of New and Renewable Energy for a pilot project under the National Green Hydrogen Mission to use green hydrogen in steel production, alongside Steel Authority of India and Simplex Castings. The company was planning an IPO and raised Rs 350 crore in a pre-IPO funding round in March 2024. However, no detailed product portfolio, named product offerings, or service modules are available in the provided source data.
Differentiator
Problem solved
Functional benefit
Products and services
- Natural Gas Supply
Quantifiable outcome
- Commissioning expected within three years for green hydrogen steel production pilots
Companies that use Matrix Gas & Renewables
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Matrix Gas & Renewables technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Matrix Gas & Renewables partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- Ministry of New and Renewable Energy (MNRE)coreGovernment ministry selected Matrix Gas and Renewables as one of three entities to implement pilot projects for using green hydrogen in steel production under the National Green Hydrogen Mission, providing ₹3.47 billion in financial support
- Steel Authority of IndiacorePartner entity implementing green hydrogen pilot project for low-carbon steel production through direct reduced iron applications under the National Green Hydrogen Mission
- Simplex CastingscorePartner entity implementing green hydrogen pilot project for steel manufacturing applications under the National Green Hydrogen Mission with government support
Scale indicators2 records
Recent moves5 records
Expansion highlights5 records
Matrix Gas & Renewables competitors and assessment
Company assessmentDirect peers
- Adani Green Hydrogen: Adani's green hydrogen arm is pursuing electrolyzer-based green hydrogen production for industrial decarbonization in India, directly comparable to Matrix Gas's NGHM-backed pilot strategy targeting hard-to-abate industrial sectors like steel.
- Gujarat Gas: Gujarat Gas is a major Indian CGD (city gas distribution) operator in the same geographic region as Matrix Gas (Ahmedabad, Gujarat); directly comparable as a natural gas distribution operator and a potential acquirer or partner for green hydrogen expansion.
- Adani Total Gas: Adani Total Gas operates city gas distribution networks across India and is the most direct competitor to Matrix Gas's natural gas supply business, with similar urban/industrial customer segments and regulatory exposure.
- Linde India: Linde India is a leading industrial and medical gas supplier with growing hydrogen production capabilities. Directly comparable to Matrix Gas's industrial gas and green hydrogen production activities for large industrial customers.
Broad incumbents
- Reliance Industries (Green Hydrogen / New Energy): Reliance has announced a multi-billion-dollar green hydrogen and renewables build-out, including dedicated hydrogen production assets. While at vastly larger scale, Reliance is a comparable strategic competitor for industrial green hydrogen offtake in India.
- GAIL (India): GAIL is India's largest state-owned natural gas transmission and marketing company with active green hydrogen and renewable initiatives. Comparable as a broad incumbent covering distribution, transmission, and emerging clean energy verticals.
- Indian Oil Corporation (Hydrogen Initiatives): Indian Oil has been selected as a key green hydrogen producer under India's National Green Hydrogen Mission and operates India's largest refining and fuel marketing network. Comparable as a state-backed strategic entrant in the same MNRE pilot ecosystem.
Regional players
- Indraprastha Gas: Indraprastha Gas is a major CGD player serving NCR and other regions; comparable as a natural gas distribution peer with similar operational and regulatory dynamics, though serving different geographies than Matrix Gas's primary markets.
- Mahanagar Gas: Mahanagar Gas is a major city gas distribution utility serving Mumbai and surrounding regions; comparable as a regulated gas distribution peer with similar operational model, though geographically distinct from Matrix Gas's primary markets.
Emerging players
- Ohmium International: Ohmium is a PEM electrolyzer manufacturer focused on green hydrogen for industrial use in India; comparable as an emerging hydrogen technology player targeting similar industrial customers and applications.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Matrix Gas & Renewables social profiles
Digital presenceMatrix Gas & Renewables financial estimates
Financial estimateRevenue estimate
Valuation estimate
Matrix Gas & Renewables leadership team
Management profileNumber of profiles
Profiles3 records
Matrix Gas & Renewables funding detail
Funding detailFunding overview
Funding rounds1 record
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Matrix Gas & Renewables M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Matrix Gas & Renewables
What does Matrix Gas & Renewables do?
Matrix Gas & Renewables provides reliable and affordable natural gas supply from various sources to industrial customers in India. The company is also developing green hydrogen production capabilities for industrial applications, including low-carbon steel manufacturing through direct reduced iron and blast furnace routes, supported by India's National Green Hydrogen Mission.
Is Matrix Gas & Renewables a public or private company?
Matrix Gas & Renewables is a private company. It is classified as corporate owned and is currently operating.
When was Matrix Gas & Renewables founded?
Matrix Gas & Renewables was founded in 2022. It employs 51 to 100 people.
Where is Matrix Gas & Renewables based?
Matrix Gas & Renewables is headquartered in Ahmedabad, India, in the Asia region.
Who are Matrix Gas & Renewables's main competitors?
Direct peers on record are Adani Green Hydrogen, Gujarat Gas, Adani Total Gas and Linde India. Broad incumbents are Reliance Industries (Green Hydrogen / New Energy), GAIL (India) and Indian Oil Corporation (Hydrogen Initiatives). Regional players are Indraprastha Gas and Mahanagar Gas. Ohmium International is listed as an emerging player.
Does Matrix Gas & Renewables have an API?
No public API is recorded for Matrix Gas & Renewables.
What industry is Matrix Gas & Renewables in?
Matrix Gas & Renewables's product category is Industrial Gas Distribution. Its primary akta.pro industry code is EUABAJAC, Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol), with a secondary code of IMAEACAB, Hydrogen (Industrial & Mobility). Its NAICS code is 2212 and its SIC code is 4924.