Five Sources of Capital for $105 Million
Under the terms of the transaction, IFC is investing approximately $25 million from its own account, Siemens is investing approximately $25 million, and Fullerton is committing up to $30 million. The structure is complemented by two blended finance facilities managed by IFC: the Clean Technology Fund, a program of the CIF (Climate Investment Funds), contributes approximately $20 million, while the Frontier Opportunities Fund, backed by the German government, provides approximately $5 million. Closing of the transaction remains subject to the fulfilment of certain conditions precedent.
Hygenco had previously received an equity investment of approximately $25 million in 2022 from the Neev II Fund managed by SBI Ventures. This new round targets the holding company platform and aims to finance the development of multiple commercial green hydrogen projects while mobilizing additional private investment at the asset level. Reflecting the sector’s expanding commercial footprint, Amogy and Amun Energy launched a 1 MW ammonia project in Pohang, illustrating the emergence of business models at varying scales.
A Hydrogen-as-a-Service Model for Hard-to-Abate Industries
The company aims to expand its production capacity for green hydrogen and derivatives, including green ammonia, to supply hard-to-abate industrial sectors at national scale. The strategy rests on a direct supply model for green molecules to industrial customers — referred to as Hydrogen-as-a-Service — within the framework of India’s National Green Hydrogen Mission. Hygenco states the investment would support the creation of more than 1,000 direct jobs over five years, alongside indirect employment across the value chain.
Three Investor Profiles With Complementary Mandates
The consortium brings together three distinct forms of capital: IFC’s development finance mandate and catalytic role in emerging markets, Fullerton Carbon Action Fund’s private institutional capital and active partnership model in Asia, and Siemens’ industrial and technological expertise. Amit Bansal, co-founder and CEO of Hygenco, described the deal as a strong signal of confidence in the company’s innovation and execution capabilities. Imad N. Fakhoury, Regional Division Director for South Asia at IFC, said the investment reflects the World Bank Group’s broader commitment to sustainable industrial growth and innovation in India. Anshul Gupta, co-founder of Hygenco, described green hydrogen as the most tangible pathway to decarbonizing high-emission industrial sectors.
