UK-backed Neev Fund invests $25 million in Hygenco

Share

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.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Popular content

Reliance Power sets up renewables arm
10 December 2024 Reliance Power has set up a new subsidiary, Reliance Nu Energies, for renewable energy business. Mayank Bansal and Rakesh Swaroop, who previously work...