Hygenco Green Energies Pvt Ltd, a pioneer in the production of low-cost green hydrogen, has taken a significant step forward in its mission to create a sustainable future. The company announced a Memorandum of Understanding (MOU) with REC Limited (formerly Rural Electrification Corporation Limited) for financing its Green Ammonia Project in Gopalpur, Odisha. The agreement was formalized during the 4th Global Re-Invest held in Gandhinagar, Gujarat.
The MOU signifies REC’s commitment to supporting Hygenco’s ambitious Green Ammonia Project, which is a key component of the company’s broader vision to reduce carbon emissions. Under the agreement, REC will provide up to $280 million in funding, adding to Hygenco’s planned investment of US$2.5 billion across its green hydrogen and green ammonia projects in India over the next few years.
Amit Bansal, Co-Founder and CEO of Hygenco, expressed his commitment to energy security and the Indian government’s vision of ‘Aatmanirbhar Bharat’ (Self-Reliant India). He highlighted that Hygenco’s projects will play a crucial role in reducing carbon emissions and paving the way for a sustainable future.
Hygenco has already established itself as a leader in the green hydrogen space. In March 2024, the company commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. Furthermore, in 2022, Hygenco signed India’s inaugural commercial long-term offtake agreement for green hydrogen for the Hisar project with Jindal Stainless. The company has also entered into agreements with other prominent companies, including Sterlite Technologies, for green hydrogen supply.
Hygenco’s ultimate goal is to become a global leader in providing green hydrogen and green ammonia solutions. The company’s success is a significant stride towards reducing India’s carbon footprint. Their projects will play a vital role in decarbonizing industries that are difficult to abate, such as steel and chemical production, contributing to India’s climate goals and fostering a sustainable future.
About Hygenco:
Headquartered in Gurugram, India, Hygenco is dedicated to developing and deploying commercially viable green hydrogen and green ammonia assets. The company possesses deep expertise in designing, building, and operating Green Hydrogen projects, having commissioned India’s first Green Hydrogen project in Hisar, which was inaugurated by the Union Minister of Civil Aviation and Steel earlier this year. Hygenco is committed to investing $2.5 billion over the next three years to establish Green Hydrogen projects across India.
For more information on Hygenco, please visit [https://www.hygenco.in/](https://www.hygenco.in/).
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