Hygenco, backed by the Neev II Fund, aims to raise over $100 million by September to support its expansion plans as the clean tech firm eyes more projects across various sectors. Earlier this month, the Haryana-based company, in collaboration with Jindal Stainless, set up green hydrogen plant.
The funds raised will primarily go towards establishing green hydrogen projects and advancing its pipeline commercialization. In 2022, the company secured its initial round of funding from the Neev II Fund, amounting to nearly $25 million.
According to the news report published in Money Control, Anshul Gupta, co-founder and chief of strategy and innovations said, “We are in the middle of raising the second round… We are out to raise slightly more than $400 million of commitment. However, it will not all happen in one single bucket. We are engaged with investors, trying to break it down into buckets of, let’s say, 100 million plus. We are fairly confident that at least one bucket we can raise before September.”
Hygenco specializes in developing and deploying commercial green hydrogen and ammonia production systems. Its applications find utility in large-scale process industries, terrestrial and marine transport, as well as personal mobility. The company emphasizes its commercial viability.
The Jindal Stainless plant in Hisar has the capacity to produce up to 250 tonnes per year, with an initial production target of 75 tonnes per year, aiming to reduce CO2 emissions by 2,700 tonnes. Hygenco aims to develop 10 Gigawatt (GW) of “commercially attractive” production and distribution assets by 2030.
“I can confidently say that nearly every steelmaker in the country is presently collaborating with Hygenco,” Gupta affirmed.
According to global financial advisory firm Rothschild and Co, Middle Eastern investors are closely monitoring the Indian clean energy sector for potential investment opportunities.
“We’re in discussions with Middle Eastern investors as well, but this market is relatively new… I think they’re in a phase of learning and educating themselves,” Gupta remarked, highlighting the potential for sovereign wealth funds in the Middle East.
