Adani Total Gas Ltd’s shares were up by 10 per cent after the company announced signing a MOU with Shigan Quantum Technologies Limited to collaborate on decarbonization initiatives. The partnership aims to explore retrofitting internal combustion engines for alternative fuels like Compressed Natural Gas and Liquefied Natural Gas, with a specific focus on transportation and mining applications. Fleet operators, including those within the Adani Group, will be targeted, particularly in sectors like cement, ports, and logistics.
The primary goals of the collaboration include the development of sustainable retrofitment solutions for natural gas adoption in various applications, such as stationary engines, locomotives, and marine equipment. Additionally, ATGL and Shigan will delve into e-mobility solutions, especially for last-mile delivery players. The exploration of green hydrogen as a fuel for Internal Combustion Engine (ICE) vehicles is also part of the initiative.
Suresh P. Manglani, Executive Director and CEO of ATGL, said, ““The signing of the MoU represents a collective vision for a greener, more sustainable future. We look forward to co-developing end-to-end solutions, which will support the transport and mining industries in their decarbonization journey and contribute to the net zero commitments of the country.”
The shares were up by 10 per cent to ₹1100.65 at 3.26 pm on the BSE.