IFC & others to invest $105 million in Indian green hydrogen company Hygenco

Three global institutional investors — International Finance Corporation (IFC), Siemens Financial Services, and Fullerton Carbon Action Fund — announced a combined equity investment of $105 million in green hydrogen solutions platform Hygenco Green Energies.

This investment by IFC & others has marked the first direct investment in India’s green hydrogen sector by all three entities.

The existing operational projects of Hygenco had earlier received a $25 million equity infusion in 2022 from the Neev II Fund, managed by SBI Ventures. The latest funding round will support the development of several commercially viable green hydrogen projects, while helping the company attract additional private-sector investments for producing green hydrogen and its derivatives, including green ammonia.

The investors said that the funding will enable Hygenco to expand production capacity, strengthen supply chains, and deliver zero-emission green molecules to hard-to-abate industrial sectors. The initiative is expected to play a key role in India’s energy transition and contribute to the National Green Hydrogen Mission.

IFC said that the consortium will bring financial strength, commercial discipline, and industrial expertise to support Hygenco’s next phase of growth.

As part of the investment, IFC will contribute $25 million from its own account, Siemens will invest $25 million, and Fullerton will commit up to $30 million. The funding is further supported by blended finance initiatives led by IFC — including a $20 million investment from the Clean Technology Fund, under the Climate Investment Funds (CIF), and $5 million from the Frontier Opportunities Fund backed by the German government.

Imad N Fakhoury, Director at IFC, said, “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.”

Hygenco currently operates two commercial green hydrogen plants in India and plans to begin construction on three to four additional facilities in 2026–27. The company is also a beneficiary of the Production Linked Incentive (PLI) scheme under the government’s Strategic Interventions for Green Hydrogen Transition (SIGHT) programme.