March 22, 2024
The company had raised its first round of funds in 2022 from Neev II Fund of close to $25 million.
Hygenco aims to develop 10 Gigawatt (GW) of “commercially attractive” production and distribution assets by 2030.
Neev II Fund-backed Hygenco plans to raise over $100 million by September to support its spending plans as the clean tech firm aims at more projects across sectors. Earlier this month, the Haryana-based company, in partnership with Jindal Stainless, set up the country's first green hydrogen plant.
The capital raised would be earmarked for setting up green hydrogen projects and to commercialise its pipeline. The company had raised its first round of funds in 2022 from Neev II Fund of close to $25 million.
"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," said Anshul Gupta, co-founder and chief of strategy and innovations.
Hygenco develops and deploys commercial green hydrogen and ammonia production systems. Its applications are used in large-scale process industries, terrestrial and marine transport, and personal mobility. The company touts itself as 'commercially viable'.
Green hydrogen is produced using the electrolysis route with renewable energy. The method is expected to be one of the dominant routes for low-carbon hydrogen production, according to a report from Alvarez and Marsal released last month.