Hygenco Secures $105 Million for Green Hydrogen Expansion

Green hydrogen is widely viewed as one of the most promising tools for reducing emissions in industries where switching to conventional renewable energy sources can be difficult.

India's green hydrogen sector has received a major boost after a group of leading international investors committed $105 million in fresh equity funding to Hygenco Green Energies, one of the country's fastest-growing green hydrogen platforms. The investment is being led by the International Finance Corporation (IFC), Siemens Financial Services and Fullerton Carbon Action Fund. The funding marks a significant vote of confidence in India's emerging green hydrogen industry and Hygenco's ability to deliver large-scale clean energy projects.

Hygenco has already established itself as a key player in the sector through projects that produce and supply green hydrogen to industrial customers. Its growth journey was supported by an earlier investment of around $25 million from SBI Ventures-managed Neev II Fund in 2022. The latest funding will help the company accelerate the development of multiple green hydrogen projects across India and expand the supply of clean fuels to industries seeking alternatives to fossil fuels. Company leaders say the investment will strengthen Hygenco's position as a provider of reliable, cost-competitive green hydrogen and green hydrogen derivatives, including green ammonia.

Funding to support industrial decarbonization

Green hydrogen is widely viewed as one of the most promising tools for reducing emissions in industries where switching to conventional renewable energy sources can be difficult. Sectors such as steel, chemicals, fertilizers and heavy manufacturing often require high-temperature industrial processes that are difficult to electrify. Green hydrogen offers a potential pathway to significantly reduce emissions while maintaining industrial productivity.

Hygenco plans to use the new capital to build additional production facilities and attract further private investment at the project level. The company expects the expansion to improve supply chains and increase the availability of zero-emission fuels for industrial customers. The investment consortium combines different types of expertise and resources. IFC brings development finance experience and a focus on emerging markets. Fullerton contributes institutional investment capabilities and long-term partnership experience across Asia. Siemens adds industrial knowledge, technology expertise and financing capabilities.

Under the agreement, IFC will invest approximately $25 million directly, Siemens will contribute around $25 million and Fullerton will invest up to $30 million. The funding package is further strengthened by blended finance support. The Clean Technology Fund, part of the Climate Investment Funds programme, will provide around $20 million, while the Frontier Opportunities Fund, backed by the German government, will contribute approximately $5 million.

Supporting India's green hydrogen mission

Hygenco's Chief Executive Officer and Co-Founder Amit Bansal said the funding demonstrates strong investor confidence in the company's ability to execute large-scale green hydrogen projects and deliver innovative solutions to industrial customers.

Co-Founder Anshul Gupta highlighted green hydrogen's potential to help decarbonize industries that have limited alternatives for reducing emissions. The project aligns closely with India's National Green Hydrogen Mission, which seeks to establish the country as a global leader in green hydrogen production and export. Officials see the sector as an important component of India's long-term strategy to reduce carbon emissions, strengthen energy security and support sustainable economic growth.

The expansion is also expected to generate significant employment opportunities. Hygenco estimates that more than 1,000 direct jobs will be created over the next five years, alongside thousands of indirect jobs across supply chains, construction, engineering and related industries. Investors involved in the transaction said the funding demonstrates growing confidence in the commercial viability of green hydrogen and its role in supporting India's transition to a lower-carbon economy.