Hygenco secures $105 million from IFC-led consortium to scale green hydrogen capacity, targets 1,000 jobs

Hygenco Green Energies has secured $105 million (about ₹900 crore) in fresh equity from a consortium led by the International Finance Corporation (IFC), Siemens Financial Services and Fullerton Carbon Action Fund, marking one of the largest private capital commitments to India's emerging green hydrogen sector.

The funding is expected to accelerate the development of multiple green hydrogen and green ammonia projects across the country, as the company seeks to capitalise on rising industrial demand for low-carbon fuels and support the government's National Green Hydrogen Mission. The investment also comes at a time when India is attempting to reduce dependence on imported fossil fuels and build domestic clean energy supply chains.

Global investors back commercial-scale hydrogen play

The investment round combines approximately $25 million each from IFC and Siemens Financial Services, up to $30 million from Fullerton Carbon Action Fund, alongside blended finance support of about $20 million from the Clean Technology Fund and $5 million from IFC's Frontier Opportunities Fund. The transaction remains subject to customary closing conditions.

The latest infusion follows Hygenco's earlier equity raise of around $25 million from SBI Ventures-managed Neev II Fund in 2022, providing a significant scale-up in capital available for expansion. The company currently operates two commercial green hydrogen plants and plans to begin construction of three to four additional facilities during FY27.

"We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey. This US$105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities," said Amit Bansal, co-founder and chief executive officer of Hygenco.

Anshul Gupta, co-founder of Hygenco, said green hydrogen represents "the most tangible and effective pathway" for decarbonising hard-to-abate sectors, adding that the investment validates the company's operational model.

Hydrogen-as-a-Service model gains momentum

IFC said the investment is designed to help establish commercially viable green hydrogen supply models 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," said Imad N. Fakhoury, Regional Division Director for South Asia at IFC.

The company expects the expansion programme to create more than 1,000 direct jobs over the next five years while generating additional employment opportunities across manufacturing, logistics and allied supply chains.

Fullerton's Akhil Jain described the company as an "established, commercially-disciplined decarbonization platform" capable of supporting India's hydrogen ambitions, while Siemens Financial Services said the investment would help deploy commercial-scale infrastructure and improve production efficiency through industrial technology integration.