On June 5, 2026, in New Delhi, three investors signed definitive agreements to put a combined US$105 million of equity into Hygenco Green Energies Private Limited, which they described as India’s leading green hydrogen solutions platform. The International Finance Corporation (IFC), Siemens Financial Services and the Fullerton Carbon Action Fund are co-leading the round.
It is the first direct green hydrogen investment in India for all three.
The money
IFC is investing approx. US$25 million from its own account and Siemens the same amount. Fullerton’s share is up to US$30 million. IFC also brought in two blended finance facilities meant to reduce risk and attract private capital: approx. US$20 million from the Clean Technology Fund, a Climate Investment Funds program, and approx. US$5 million from the Frontier Opportunities Fund, supported by the German government. Closing depends on certain conditions being met.
The money goes into Hygenco’s holding company. From there, the company intends to draw in more private investment at the level of individual production assets, for green hydrogen and derivatives such as green ammonia.
Track record and plans
Hygenco designs, builds, owns and operates green hydrogen and green ammonia projects. It runs two commercial green hydrogen plants in India and is starting construction of 3-4 more in FY 26-27. Its earlier projects were backed by roughly US$25 million from the SBI Ventures-managed Neev II Fund in 2022. Hygenco has also received the Production Linked Incentive under the Indian government’s SIGHT Mode-1 Tranche-1 program.
The target market is hard-to-abate industry, including steel, chemicals, fertilizers and heavy manufacturing, which often rely on high-temperature processes that are difficult to electrify. For families in the regions where plants are built, the expansion should bring more than 1,000 direct jobs over five years, with indirect work in the wider supply chain.
What the backers said
“We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey,” said Amit Bansal, Hygenco’s co-founder and CEO. Anshul Gupta, his co-founder, called green hydrogen “the most tangible and effective pathway toward decarbonizing many hard-to-abate sectors.”
IFC’s Imad N Fakhoury, Regional Division Director for South Asia, said the partnership aims to “pioneer Hydrogen-as-a-Service”.
Steffen Grosse, CEO of Equity Finance at Siemens Financial Services, said Siemens would add its automation solutions to help improve production efficiency. Daniel Morris, who heads clean energy at the Climate Investment Funds, called it “exactly the kind of frontier investment CIF catalytic funding is designed to support.”
Akshay Panth, CIO of the fund behind the 2022 stake, said Neev II “provided critical foundational capital to Hygenco when commercial green hydrogen was nascent in India.”
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 for Green Hydrogen Expansion | Business
