The International Finance Corporation, Siemens Financial Services, and Fullerton Carbon Action Fund have committed $105 million in equity to Hygenco Green Energies, an Indian green hydrogen company. The funds will support Hygenco's expansion across India, where it already operates plants in Madhya Pradesh and Haryana. The company targets hard to abate sectors like refineries, steelmaking, and fertilizer production. This investment aligns with India's National Green Hydrogen Mission, which aims for 5 million metric tons of annual green hydrogen output by 2030. Hygenco previously raised about $25 million from the Neev II Fund in 2022. The new capital from major development finance and industrial backers signals growing confidence in India's hydrogen economy.
