Hygenco Green Energies has signed definitive agreements for a $105 million equity investment from global institutional investors including International Finance Corp. (IFC), Siemens Financial Services, and Fullerton Carbon Action Fund to support the development of green hydrogen and green hydrogen derivatives (including green ammonia) projects in India.
Hygenco previously secured around $25 million equity investment from SBI Ventures-managed Neev II Fund (SVL-SME Fund) in 2022 to support the development of its existing projects.
The company said the new equity infusion will support the development of its multiple commercially attractive green hydrogen projects, scaling the supply of competitive, seamless, high-quality green molecules to industrial customers nationwide. It aims to mobilize additional private-sector investments at the asset-company level for production of green hydrogen and green hydrogen derivatives (including green ammonia).
By expanding the production capabilities and strengthening supply chains, Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors.
The latest round brings together IFC’s development financing and catalytic mandate in emerging markets, Fullerton’s private institutional capital and active partnership model in Asia, and Siemens’ industrial and technological expertise. Together, the consortium provides Hygenco with financial depth, commercial discipline, and industrial backing for the company’s next phase of growth.
IFC is investing approx. $25 million from its own account, Siemens is investing approx. $25 million, and Fullerton is investing up to $30 million. This is complemented by two blended finance facilities implemented by IFC to help de-risk the platform and attract private investment: The Clean Technology Fund, a program of the Climate Investment Funds (CIF), is investing approx. $20 million, while the Frontier Opportunities Fund, supported by the government of Germany, is providing approx. $5 million. This marks IFC, Siemens and Fullerton’s first direct green hydrogen investment in the country.
