India-based Hygenco Green Energies, a green hydrogen company, said it signed agreement for a US$105 million equity investment.

The funding comes from the International Finance Corporation, Siemens Financial Services, and Singapore-based Fullerton Carbon Action Fund.

Hygenco said the capital will support its expansion in India.

The company said it produces green hydrogen at plants in Madhya Pradesh and Haryana.

The company is developing larger projects for refineries, steelmakers, fertilizer producers, and other hard-to-abate sectors.

The funding comes as India’s National Green Hydrogen Mission targets 5 million metric tons of annual green hydrogen production by 2030.

Hygenco said its existing projects were previously backed by an approximately US$25 million equity investment from SBI Ventures-managed Neev II Fund in 2022.

🔗 Source: Fullerton Carbon Action Fund