Hygenco Green Energies Pvt Ltd, a leading producer of low-cost green hydrogen, has signed a Memorandum of Understanding (MOU) with REC Limited (formerly Rural Electrification Corporation) to finance its Green Ammonia Project in Gopalpur, Odisha. The MOU, finalized during the 4th Global Re-Invest event in Gandhinagar, Gujarat, outlines REC’s commitment to funding up to $280 million for the project. Hygenco plans to invest approximately $2.5 billion in green hydrogen and green ammonia projects across India in the coming years.
Amit Bansal, Co-Founder and CEO of Hygenco, emphasized the company’s dedication to energy security and supporting India’s Aatmanirbhar Bharat initiative. He highlighted that these projects will reduce carbon emissions and contribute to a sustainable future.
Hygenco has already established itself in the green hydrogen sector, commissioning India’s first commercial green hydrogen plant in Hisar, Haryana, in March 2024. The company also signed India’s first long-term commercial offtake agreement for green hydrogen with Jindal Stainless and has secured agreements with major firms like Sterlite Technologies.
Hygenco aims to be a global leader in green hydrogen and green ammonia solutions, playing a crucial role in decarbonizing hard-to-abate industries such as steel and chemicals, aligning with India’s climate goals for a sustainable future.
About Hygenco:
Headquartered in Gurgaon, India, Hygenco develops and deploys scaled-up commercially attractive green hydrogen and green ammonia assets. Hygenco, which has deep capabilities in designing, building, and operating Green Hydrogen projects, has commissioned India’s first Green Hydrogen project in Hisar which was inaugurated by Union Minister of Civil Aviation and Steel earlier this year. Hygenco is looking to invest $2.5 billion over 3 years to set up Green Hydrogen projects in India.
