Neev Fund, a climate-focused fund backed by the State Bank of India and the UK’s Department for International Development, is investing £22 million (INR 210 crore or $25 million) into Hygenco, a Vivaan Solar-backed hydrogen company.
The announcement was made by UK Foreign Secretary James Cleverly during his recent visit to India.
Hygenco, based in the Indian state of Haryana, aims to become a global leader in deploying green hydrogen and green ammonia-powered industry solutions. It designs, engineers, optimizes, and commissions end-to-end green hydrogen and green ammonia assets on a build-own-operate and build-own-operate-transfer basis.
Hygenco aims to deploy over $300 million in green hydrogen projects across India in the next three years and Neev’s investment will provide the necessary capital to Hygenco for commercialising the early pipeline.
“This investment [by Neev] will enable Hygenco to expedite India’s green energy transition through low-cost green hydrogen production at scale in the next 2-3 years,” said Hygenco CEO Amit Bansal.
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