Indian green hydrogen developer Hygenco has raised $105m in equity from three new investors: the World Bank’s International Finance Corporation (IFC), Siemens Financial Services, and the Fullerton Carbon Action Fund.
The IFC has specifically put in $50m, while Siemens and Fullerton are reportedly investing $25m and $30m, respectively.
Hygenco has already commissioned three small-scale electrolyser projects in India.
In June last year, the company launched construction on a green ammonia plant in Odisha capable of producing 220,000 tonnes a year in its first phase, scheduled to begin operations in 2028.
The Odisha project would eventually scale to 1.1 million tonnes a year of production capacity after 2030, and has already been pre-certified to produce renewable fuels of non-biological origin (RFNBOs) for potential export to Europe.
The company aims to develop 10GW of “commercially attractive” green hydrogen production and distribution assets by 2030.
