Hygenco, a green hydrogen company based in Haryana, has received a $25 million investment from the SBICAP Ventures-managed Neev II Fund.
According to SBICAP Ventures, the fund aims to deploy over $300 million in green hydrogen projects across India over the next three years. The investment will provide the necessary capital to Hygenco for commercializing the early pipeline.
UK Foreign Secretary James Cleverly announced the investment during his two-day visit to the country. Before his visit, the British government announced that the UK-backed Neev is betting £ 22 million to aid India’s transition to green energy.
According to the SBICAP Ventures statement, Hygenco, which deploys scaled-up commercially attractive green hydrogen solutions, will build-own-operate multiple green hydrogen facilities across the country.
“We are about to embark on a breakthrough journey that will change the way commercial customers consume hydrogen with our mission to deliver 100 percent green hydrogen,” Hygenco’s co-founder and chief executive Amit Bansal said.
India is mulling having a capacity of 5 million tones of green hydrogen by 2030
The UK government’s Foreign, Commonwealth and Development Office (FCDO), the Japan International Cooperation Agency (JICA), and the European Investment Bank provide funding for the 2015-launched Neev funds. Domestic investors supporting the funds include SIDBI, SBI Group, and the SRI Fund (EIB).
“The UK and India agreed to collaborate on green hydrogen initiatives as part of our Roadmap 2030 agreement. This investment is one of the ways of achieving that,” Alex W Elis, British High Commissioner to India, said.
Hygenco was established in 2020 by Amit Bansal, Anshul Gupta, and Aashish Gupta. It develops and implements green hydrogen and green ammonia-powered production solutions. Its resources benefit businesses, transportation and mobility, and power grids. In the future, Hygenco intends to construct, own, and run several national green hydrogen facilities.
“We will continue to open the gates of capital to climate-focused purpose-driven businesses,” Neev Fund’s chief investment officer Akshay Panth said.