Two plants are running. Three or four more are due to start construction in FY27. That is where Hygenco Green Energies stands as it takes in $105 million (about ₹900 crore) of new equity, Fortune India reported.
“We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey,” said Amit Bansal, Hygenco’s co-founder and chief executive. He said the sum “showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities.”
A mixed group of backers
The round is co-led by the International Finance Corporation, Siemens Financial Services and the Fullerton Carbon Action Fund, which signed definitive agreements on June 5, 2026. Each brings something different. IFC, a World Bank Group member, offers development finance in emerging markets. Fullerton, a private equity strategy run from Singapore and part of Seviora, the group Temasek established, works with mid-market companies in India and Southeast Asia. Siemens Financial Services, the financing arm of Siemens AG, supplies industrial and technology know-how.
IFC and Siemens are each investing approx. $25 million, with Fullerton at up to $30 million. Two blended finance facilities add to that, about $20 million from the Clean Technology Fund and $5 million from IFC’s Frontier Opportunities Fund. The transaction is still subject to customary closing conditions.
Where the cash goes
The equity will help develop several green hydrogen and green ammonia projects across the country. Hygenco also wants to bring in private money at the asset level. The company expects the programme to create more than 1,000 direct jobs over five years, plus work in manufacturing, logistics and allied supply chains.
Fortune India placed the deal against India’s push to rely less on imported fossil fuels and build domestic clean energy supply chains. It also ties into the National Green Hydrogen Mission.
Imad N. Fakhoury of IFC 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.” Anshul Gupta, a Hygenco co-founder, said green hydrogen is “the most tangible and effective pathway” to decarbonising hard-to-abate sectors, and that the investment validates the company’s operating model.
Akhil Jain of Fullerton called Hygenco an “established, commercially-disciplined decarbonization platform”. The company’s previous backer was the SBI Ventures-managed Neev II Fund, which put in around $25 million in 2022.
Sources
- IFC, Fullerton and Siemens Co-Lead US$105 Million Equity Investment in Hygenco to Rapidly Scale Green Hydrogen in India
- Hygenco secures $105 million from IFC-led consortium to scale green hydrogen capacity, targets 1,000 jobs
