Meanwhile, the company has signed memorandum of understanding with Carbon Technology Energy (CTE) to revolutionize the fuel cell and electrolyser industry through innovative advancements.

The company‘s primary focus of the collaboration is the development of a prototype fuel cell utilizing carbon-based plates, a departure from the conventional bimetallic or graphite plates. This pioneering initiative has been initiated after thorough discussions and mutual agreement, reflecting its shared commitment to harnessing technical expertise for the creation of energy-efficient solutions.

The envisaged product range under this collaboration encompasses stacks of carbon-based plates for fuel cells, electrolysers, and advanced electrolysers.

CTE will contribute its extensive expertise in the development of carbon-based plate solutions and a scalable business model. On the other hand, AlL will provide detailed designs and specifications for fuel cells and electrolysers, emphasizing the optimization of carbon-based plate stack distribution.

The subsequent phase of this collaboration will focus on the commercial manufacturing of carbon-based plates for fuel cells and electrolysers.

Advait Infratech is engaged in business of providing products and solutions for power transmission, power substation and telecommunication infrastructure fields.

The company’s consolidated net profit stood at Rs 7.70 crore in Q3 FY24, steeply higher than Rs 2.74 crore in Q3 FY23. Revenue from operations surged 182.31% to Rs 72.61 crore in Q3 FY24 as compared with Rs 25.72 crore in Q3 FY23.

The scrip jumped 2.93% to settled at Rs 1,550.5 on Friday, 23 February 2024.