Global marquee institutional investors—International Finance Corporation (IFC), Siemens Financial Services– the B2B financing arm of Siemens AG, and Fullerton Carbon Action Fund—have announced signing of definitive agreements for a collective amount equivalent to $105 million equity investment into India’s leading green hydrogen solutions platform, Hygenco Green Energies Private Limited.

Hygenco has already demonstrated its ability to design, engineer, build, operate, and deliver commercially attractive green hydrogen supplies through its existing projects, which were supported by a approximately $25 million equity investment by SBI Ventures managed Neev II Fund (SVL-SME Fund) in 2022.

This new equity infusion in the hold-co platform will support the development of multiple commercially attractive green hydrogen projects, scaling the supply of competitive, seamless, high-quality green molecules to industrial customers nationwide. For this purpose, Hygenco aims to mobilize additional private sector investments at the asset-co level for production of green hydrogen and green hydrogen derivatives (including green ammonia). By expanding the production capabilities and strengthening supply chains, Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors, playing a transformative role in the country's energy transition and directly supporting India’s National Green Hydrogen Mission. It will also support the creation of more than 1,000 direct jobs over five years, while generating indirect employment opportunities across the green hydrogen value chain and the broader industrial ecosystem.

The round brings together three distinct and complementary forms of capital — IFC's development financing and catalytic mandate in emerging markets, Fullerton's private institutional capital and active partnership model in Asia, and Siemens' industrial and technological expertise. Together, the consortium provides Hygenco with financial depth, commercial discipline, and industrial backing to underwrite the company's next phase of growth. IFC is investing approx. $25 million from its own account, Siemens is investing approx. $25 million, and Fullerton is investing up to $30 million. This is complemented by two blended finance facilities implemented by IFC to help de-risk the platform and attract private investment - The Clean Technology Fund, a program of the Climate Investment Funds (CIF), is investing approx. $20 million, while the Frontier Opportunities Fund, supported by the government of Germany, is providing approx. US$5 million. This marks IFC, Siemens and Fullerton’s first direct green hydrogen investment in the country. Closing of the transaction is subject to the fulfillment of certain conditions precedent.

"We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey. This $105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities," added Amit Bansal, Co-Founder and CEO of Hygenco.

"Green hydrogen has the potential to accelerate India’s energy transition by helping diversify the country’s fuel mix, strengthen industrial resilience, and decarbonize hard-to-abate sectors. We are pleased to be working with Hygenco, Siemens, and Fullerton on our inaugural green hydrogen investment in India. Together, this partnership aims to scale a commercially viable model, pioneer Hydrogen-as-a-Service, and expand the supply of affordable and reliable green hydrogen solutions, while signaling confidence in the sector’s long-term growth potential. By supporting India’s emerging green hydrogen sector, the investment reflects the World Bank Group’s broader commitment to innovation, sustainable industrial growth, and economic opportunity in India," added Imad N Fakhoury, Regional Division Director for South Asia, IFC.

"Fullerton has had the privilege of working with Hygenco's founders to help bring this growth round together, and we are pleased to be joined by IFC and Siemens in backing the next phase of the company's build-out. Hygenco is exactly the kind of established, commercially-disciplined decarbonization platform the Fullerton Carbon Action Fund was built to back — one with the proven engineering and execution capabilities, and scale to materially move the needle on India's National Green Hydrogen Mission and on Asia's broader low-carbon transition," added Akhil Jain, Partner at Fullerton Fund Management.

"We are pleased to invest alongside IFC and Fullerton in support of Hygenco’s next phase of growth, deploying our financial expertise and innovative technology to advance commercial-scale green hydrogen infrastructure in India. Along with Siemens' integrated automation solutions to help accelerate enhanced production efficiency, this investment underscores our commitment to financing the next generation of sustainable infrastructure required to decarbonize hard-to-abate industries worldwide," added Steffen Grosse, CEO of Equity Finance, Siemens Financial Services.

"This transaction is exactly the kind of frontier investment CIF catalytic funding is designed to support. CIF’s Clean Technology Fund tackles multiple types of risk, crowds in private capital, and helps fast-growing economies like India scale the clean energy capacity their future will be built on," added Daniel Morris, Head of Clean Energy, Climate Investment Funds.

"As an early investor, Neev II Fund provided critical foundational capital to Hygenco when commercial green hydrogen was nascent in India. Witnessing the subsequent mobilization of global institutional capital behind this platform validates our investment thesis. We are proud of our catalytic role and remain confident in Hygenco’s ability to lead India’s energy transition," added Akshay Panth, CIO of SVL-SME Fund (Neev II).