Three investors will put about $25 million, about $25 million and up to $30 million into a young Indian company that makes hydrogen from renewable power. Together with two blended-finance facilities, the package comes to $105 million in fresh equity for Hygenco Green Energies. The International Finance Corporation (IFC), Siemens Financial Services and the Fullerton Carbon Action Fund are co-leading the round, announced on June 5, 2026.
Where the money comes from
IFC is investing roughly $25 million from its own account, matching Siemens at roughly $25 million, while Fullerton may go up to $30 million. Two facilities run by IFC supply the rest. The Clean Technology Fund, part of the Climate Investment Funds, is providing approximately $20 million. The Frontier Opportunities Fund, backed by the German government, adds approximately $5 million. Closing is subject to customary conditions. Fortune India called it one of the largest private capital commitments to India’s young green hydrogen sector, and the three lead investors say it is their first direct green hydrogen investment in the country.
It follows an equity investment of approximately $25 million from the Neev II Fund, managed by SBI Ventures, in 2022.
What Hygenco will build
Hygenco designs, builds, owns and operates green hydrogen and green ammonia projects for industrial customers. It runs two commercial plants today and plans to start construction on three to four more in FY 26-27. The new money is meant to speed up several projects, and the company also wants to draw additional private investment at the level of individual production assets. It receives support under the government’s Production Linked Incentive scheme, through SIGHT Mode-1 Tranche-1.
The company expects the build-out to create more than 1,000 direct jobs over five years, plus indirect work in manufacturing, logistics and related supply chains.
What the backers said
“This US$105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities,” said Amit Bansal, Hygenco’s co-founder and chief executive. Co-founder Anshul Gupta called green hydrogen “the most tangible and effective pathway toward decarbonizing many hard-to-abate sectors.”
Imad N. Fakhoury, IFC’s Regional Division Director for South Asia, said the partnership aims to “pioneer Hydrogen-as-a-Service” and to widen the supply of affordable, reliable green hydrogen. Akhil Jain, a partner at Fullerton Fund Management, described Hygenco as an “established, commercially-disciplined decarbonization platform.” Steffen Grosse, CEO of Equity Finance at Siemens Financial Services, said Siemens’ automation technology should help raise production efficiency.
Akshay Panth, chief investment officer of the Neev II fund, said the global money now behind the company validates his fund’s early bet, made when commercial green hydrogen was just starting in India.
The funding supports the National Green Hydrogen Mission. Steel, chemicals, fertilizers and heavy manufacturing are the sectors that rely on high-temperature processes that are hard to electrify, which is where green hydrogen is seen as an option.
Sources
- Hygenco secures $105 million from IFC-led consortium to scale green hydrogen capacity, targets 1,000 jobs
- IFC, Fullerton and Siemens Co-Lead US$105 Million Equity Investment in Hygenco to Rapidly Scale Green Hydrogen in India
- Hygenco Secures $105 Million for Green Hydrogen Expansion | Business
