Investors International Finance Corporation, Siemens Financial Services and Fullerton Carbon Action Fund have signed definitive agreements for a total amount of $105 million (€90.8 million) equity investment for Hygenco Green Energies, India’s green hydrogen solutions platform.
This equity infusion will support the development of multiple commercially attractive green hydrogen projects by scaling the supply of competitive, seamless, high-quality green molecules to national industrial customers. Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors, supporting India’s National Green Hydrogen Mission.
Amit Bansal, Co-Founder and CEO of Hygenco, commented: “We are thrilled to partner with IFC, Siemens and Fullerton on our growth journey. This $105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities.”
"Green hydrogen has the potential to accelerate India’s energy transition by helping diversify the country’s fuel mix, strengthen industrial resilience and decarbonise hard-to-abate sectors. We are pleased to be working with Hygenco, Siemens and Fullerton on our inaugural green hydrogen investment in India. Together, this partnership aims to scale a commercially viable model, pioneer Hydrogen-as-a-Service, and expand the supply of affordable and reliable green hydrogen solutions, while signalling confidence in the sector’s long-term growth potential. By supporting India’s emerging green hydrogen sector, the investment reflects the World Bank Group’s broader commitment to innovation, sustainable industrial growth, and economic opportunity in India,” added Imad N Fakhoury, Regional Division Director for South Asia, IFC.
“Fullerton has had the privilege of working with Hygenco’s founders to help bring this growth round together, and we are pleased to be joined by IFC and Siemens in backing the next phase of the company's build-out. Hygenco is exactly the kind of established, commercially-disciplined decarbonisation platform the Fullerton Carbon Action Fund was built to back – one with the proven engineering and execution capabilities, and scale to materially move the needle on India’s National Green Hydrogen Mission and on Asia’s broader low-carbon transition,” said Akhil Jain, Partner at Fullerton Fund Management.
Steffen Grosse, CEO of Equity Finance, Siemens Financial Services, followed: “We are pleased to invest alongside IFC and Fullerton in support of Hygenco’s next phase of growth, deploying our financial expertise and innovative technology to advance commercial-scale green hydrogen infrastructure in India. Along with Siemens’ integrated automation solutions to help accelerate enhanced production efficiency, this investment underscores our commitment to financing the next generation of sustainable infrastructure required to decarbonise hard-to-abate industries worldwide.”
Daniel Morris, Head of Clean Energy, Climate Investment Funds, concluded: “This transaction is exactly the kind of frontier investment CIF catalytic funding is designed to support. CIF’s Clean Technology Fund tackles multiple types of risk, crowds in private capital and helps fast-growing economies like India scale the clean energy capacity their future will be built on.”
Investors raise $105m for Indian Green Hydrogen Project
