Green hydrogen developer Hygenco Green Energies has signed definitive agreements to raise USD 105 million in equity from a consortium led by the International Finance Corporation, Siemens Financial Services and Fullerton Carbon Action Fund, as it looks to scale commercial green hydrogen production across the country.
The investment, one of the largest equity raises in India’s nascent green hydrogen sector, will be used at the holding-company level to develop multiple projects supplying green hydrogen and derivatives such as green ammonia to industrial customers nationwide, Hygenco said on Friday.
IFC is investing about USD 25 million from its own account, Siemens Financial Services around USD 25 million and Fullerton up to USD 30 million, the company said. The round is supported by blended finance arranged by IFC, including about USD 20 million from the Clean Technology Fund and roughly USD 5 million from the Germany-backed Frontier Opportunities Fund, aimed at reducing early-stage risks and drawing in private capital.
The transaction is subject to customary closing conditions.
Hygenco said the capital infusion would help expand production capacity, strengthen supply chains and support the delivery of zero-emission fuels to hard-to-abate sectors such as steel, chemicals and refining, aligning with India’s National Green Hydrogen Mission. The company expects the expansion to create more than 1,000 direct jobs over the next five years, alongside indirect employment across the value chain.
“This investment showcases deep confidence from marquee institutional investors in our execution capabilities,” said Amit Bansal, co-founder and chief executive of Hygenco, adding that the company aims to build a nationwide platform offering competitive green hydrogen at scale.
IFC said the investment marked its first direct exposure to green hydrogen in India and would help demonstrate a commercially viable model in an emerging sector critical to decarbonisation.
“Green hydrogen can play a key role in diversifying India’s fuel mix and cutting emissions in hard-to-abate industries,” said Imad N. Fakhoury, IFC’s regional director for South Asia.
Hygenco previously raised about USD 25 million in equity in 2022 from SBI Ventures’ Neev II Fund, when commercial green hydrogen projects were still at an early stage in India.
