Hygenco Green Energies Pvt Ltd, a pioneering force in the production of low-cost green hydrogen, has taken a significant step forward in its mission to reduce carbon emissions. 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. This agreement was formalized during the 4th Global Re-Invest event held in Gandhinagar, Gujarat.
Hygenco’s Green Ammonia Project is a key component of its larger vision to promote sustainable energy solutions. Under the MOU, REC will provide funding of up to $280 million for the project. This commitment comes as Hygenco plans to invest a substantial US$2.5 billion in its green hydrogen and green ammonia projects across India over the next few years.
Amit Bansal, Co-Founder and CEO of Hygenco, emphasized the company’s commitment to energy security and alignment with the Indian government’s vision of ‘Aatmanirbhar Bharat’ (Self-Reliant India). He stated, “Our projects will help reduce carbon emissions and pave 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. This achievement was followed by a groundbreaking agreement in 2022, where Hygenco secured India’s first-ever commercial long-term offtake agreement for green hydrogen from its Hisar project with Jindal Stainless. The company has also entered into partnerships with major companies, including Sterlite Technologies, to supply green hydrogen.
Hygenco’s ambitious goal is to become a global leader in providing green hydrogen and green ammonia solutions. The company’s success is a testament to India’s commitment to reducing its carbon footprint. Its projects will play a vital role in decarbonizing industries, such as steel and chemicals, that are traditionally difficult to abate. This will contribute significantly to India’s climate goals and help create a sustainable future for generations to come.
About Hygenco:
Headquartered in Gurgaon, 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. Hygenco successfully 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 about Hygenco, please visit [https://www.hygenco.in/](https://www.hygenco.in/).
