Hygenco Green Energies has raised $105m in equity financing from the International Finance Corporation (IFC), Siemens Financial Services, and the Fullerton Carbon Action Fund to support the development of green hydrogen and ammonia projects in India.
The India-headquartered firm said the three investors will provide “financial depth, commercial discipline, and industrial backing” to support the scale-up of its project portfolio.
Hygenco, which is developing a 1.1 million tonne-per-year green ammonia plant in Odisha, plans to invest up to $2.5bn in green hydrogen and ammonia projects to achieve 10GW of production and distribution assets by 2030.
The company said the new capital will support project development and attract additional asset-level investment into green hydrogen and ammonia projects.
In January 2025, Hygenco received Renewable Fuel of Non-Biological Origin (RFNBO) pre-certification from Bureau Veritas under the CertifHy scheme, setting it up for export to Europe.
The investment comes as India’s green hydrogen and derivative activity ramps up, and relationships between the country’s producers and European consumers begin to emerge.
Last week, V.O. Chidambaranar Port in southern India advanced a partnership with Germany’s H2Global foundation, a state-funded scheme which purchases green molecules and resells them to European consumers.
Energy and commodity trader, SET Select Energy, also booked the first capacity for a planned 600,000 tonne-per-year ammonia import terminal in Hamburg, with aims to import green ammonia produced in India by Juno Joule.
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