Global marquee institutional investors – International Finance Corporation (IFC), Siemens Financial Services– the B2B financing arm of Siemens AG (Siemens), and Fullerton Carbon Action Fund (Fullerton) – have announced signing of definitive agreements to co-lead a collective US$105 million equity investment into India’s leading green hydrogen solutions platform, Hygenco Green Energies Private Limited (Hygenco).
Hygenco has already demonstrated its ability to design, engineer, build, operate, and deliver commercially attractive green hydrogen supplies through its existing projects, which were supported by a approx. US$25 million equity investment by SBI Ventures managed Neev II Fund (SVL-SME Fund) in 2022.
This new equity infusion in the hold-co platform will support the development of multiple commercially attractive green hydrogen projects, scaling the supply of competitive, seamless, high-quality green molecules to industrial customers nationwide. For this purpose, Hygenco aims to mobilise additional private sector investments at the asset-co level for production of green hydrogen and green hydrogen derivatives (including green ammonia). By expanding the production capabilities and strengthening supply chains, Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors, playing a transformative role in the country's energy transition and directly supporting India’s National Green Hydrogen Mission. It will also support the creation of more than 1000 direct jobs over five years, while generating indirect employment opportunities across the green hydrogen value chain and the broader industrial ecosystem.
The round brings together three distinct and complementary forms of capital — IFC's development financing and catalytic mandate in emerging markets, Fullerton's private institutional capital and active partnership model in Asia, and Siemens' industrial and technological expertise. Together, the consortium provides Hygenco with financial depth, commercial discipline, and industrial backing to underwrite the company's next phase of growth. IFC is investing approx. US$25 million from its own account, Siemens is investing approx. US$25 million, and Fullerton is investing up to US$30 million. This is complemented by two blended finance facilities implemented by IFC to help de-risk the platform and attract private investment - The Clean Technology Fund, a programme of the Climate Investment Funds (CIF), is investing approx. US$20 million, while the Frontier Opportunities Fund, supported by the government of Germany, is providing approx. US$5 million. This marks IFC, Siemens and Fullerton’s first direct green hydrogen investment in the country. Closing of the transaction is subject to the fulfillment of certain conditions precedent.
"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 CEO of Hygenco.
"Green hydrogen represents the most tangible and effective pathway toward decarbonising many hard-to-abate sectors. We are pleased to have new investors place their trust in our vision and operational capabilities to lead this critical industrial transition,” added Anshul Gupta, Co-Founder of Hygenco.
“Green hydrogen has the potential to accelerate India’s energy transition by helping diversify the country’s fuel mix, strengthen industrial resilience, and decarbonize 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 signaling 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,” commented Imad N Fakhoury, Regional Division Director for South Asia, IFC.