Green hydrogen developer Hygenco has signed definitive agreements to raise US$105 million in equity funding from a consortium of global institutional investors, including International Finance Corporation (IFC), a member of the World Bank Group, Siemens Financial Services, and the Fullerton Carbon Action Fund.
The investment marks a significant milestone for the company as it seeks to accelerate the deployment of green hydrogen projects and support India’s transition towards a low-carbon economy. The announcement was made on the occasion of World Environment Day.
Hygenco aims to deliver zero-emission green hydrogen and related green molecules to hard-to-abate industrial sectors, contributing to industrial decarbonization efforts while supporting the objectives of India’s National Green Hydrogen Mission.
According to the company, the fresh capital will be deployed across three key areas. These include scaling up the development of commercially viable green hydrogen projects across India, expanding its distribution network to ensure reliable supply of green molecules to industrial customers, and mobilizing additional private investments for green hydrogen and derivative projects, including green ammonia.
The funding round brings together development finance, institutional capital, and industrial expertise. IFC will provide development-focused investment support, Fullerton Carbon Action Fund will contribute institutional capital, while Siemens Financial Services will offer strategic industrial and technology expertise.
Hygenco stated that the investment will strengthen its ability to build large-scale green hydrogen infrastructure and accelerate the adoption of clean energy solutions across industrial sectors, positioning the company for its next phase of growth in India’s emerging green hydrogen market.
