Gurugram-based green hydrogen producer Hygenco Green Energies Pvt. Ltd is reportedly preparing to onboard a new group of global investors, including the World Bank’s International Finance Corporation (IFC), Germany’s Siemens AG, and Singapore-based Fullerton Fund Management. Founded in 2020 by Amit Bansal, Anshul Gupta and Aashish Gupta, the company is expected to sell about 49% of its stake as part of the transaction, reports Outlook Planet.
According to a Mint report, Hygenco plans to raise around $125 million at an enterprise valuation of approximately $250 million. IFC is likely to invest about $50 million in equity, while Siemens AG and Fullerton Fund Management may jointly contribute the remaining $75 million. The paperwork for the deal is currently in progress, and a formal announcement is expected around mid-December.
The company is currently majority-owned by its three promoters, who together hold about 51%. The remaining 49% is with SVL-SME Fund, managed by SBICAP Ventures Ltd (Neev Fund II), which invested $31.3 million in an earlier round.
Hygenco aims to deploy nearly $2.5 billion over the next three years to build green hydrogen facilities across India. The new funds will support its target of developing 10 gigawatts (GW) of production and distribution capacity by 2030, the report noted.
As per Tracxn data, Hygenco faces competition from 61 active players globally, including Heliogen, BlueDot Photonics and NitroFix.
Investor interest in the sector has been rising amid India’s push to scale up clean fuel production. The Centre aims to produce 5 million tonnes of green hydrogen by 2030. In August, the Solar Energy Corporation of India (SECI) announced a record-low tariff of ₹49 per kg. Expanding hydrogen use is seen as crucial for strengthening the country’s energy security and reducing reliance on imported fossil fuels, particularly in sectors such as fertilisers, refining, steel, shipping and road transport.
India’s strategy is also geared toward building a strong export market, leveraging abundant land and low-cost solar and wind power to supply green hydrogen and ammonia to countries such as Japan, South Korea and those in Europe. Both public-sector and private-sector companies—including Indian Oil, GAIL, ACME, ReNew, Larsen & Toubro, Reliance Industries and the Adani Group—have announced major investments in the space.
IFC, which has an $8-billion India portfolio, aims to double its annual commitments in the country to $10 billion by 2030. Siemens, meanwhile, continues to expand through both organic growth and acquisitions, including the €267-million purchase of New Delhi-based C&S Electric. Fullerton Fund Management, active in India since 2007, has also widened its footprint with recent investments such as its backing of transport platform Routematic through the Fullerton Carbon Action Fund.
