More than 1,000 direct jobs over the next five years: that is what Hygenco Green Energies says its new funding will create. Thousands more indirect jobs are expected across supply chains, construction and engineering, according to Devdiscourse. For communities near India’s planned hydrogen plants, that figure may matter as much as the dollar amount.
The money is $105 million (about ₹900 crore) in fresh equity, led by the International Finance Corporation, Siemens Financial Services and the Fullerton Carbon Action Fund. Fortune India called it one of the largest private capital commitments to India’s emerging green hydrogen sector. The deal is subject to customary closing conditions.
Who is paying what
IFC and Siemens are each putting in approximately $25 million. Fullerton will invest up to $30 million. Blended finance adds more: about $20 million from the Clean Technology Fund, part of the Climate Investment Funds programme, and roughly $5 million from the Frontier Opportunities Fund, which has German government backing.
An earlier round paved the way. In 2022 the Neev II Fund, managed by SBI Ventures, put in around $25 million.
What Hygenco will build
Hygenco runs two commercial green hydrogen plants today. It plans to begin construction on three to four more during FY27. The company will also use the capital to attract further private investment at project level, and it wants to supply green hydrogen derivatives, including green ammonia.
The target customers are industries that struggle to cut emissions with ordinary renewable power. Steel, chemicals, fertilizers and heavy manufacturing often need high-temperature processes that are hard to electrify. Green hydrogen could lower their emissions without stopping production.
The project fits India’s National Green Hydrogen Mission, which aims to make the country a global leader in producing and exporting green hydrogen. Fortune India also pointed out that India is trying to depend less on imported fossil fuels.
Amit Bansal, co-founder and chief executive, said the investment “showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities.” Co-founder Anshul Gupta called green hydrogen “the most tangible and effective pathway” for cutting emissions in hard-to-abate sectors.
IFC’s Imad N. Fakhoury, Regional Division Director for South Asia, said the partnership aims to “scale a commercially viable model, pioneer Hydrogen-as-a-Service, and expand the supply of affordable and reliable green hydrogen solutions.” Fullerton’s Akhil Jain described Hygenco as an “established, commercially-disciplined decarbonization platform”.
Sources
- Hygenco Secures $105 Million for Green Hydrogen Expansion | Business
- Hygenco secures $105 million from IFC-led consortium to scale green hydrogen capacity, targets 1,000 jobs
