Hygenco Green Energies is set to invest $2.5 billion in various states across India over the next three years to establish green hydrogen projects.
This move aligns with the company's broader strategy to capitalise on the burgeoning opportunities in the rapidly evolving local market for clean fuel.
Hygenco, operating primarily on the build-own-operate (BOO) model, is recognised for its expertise in green hydrogen production technology, engineering, and design, enabling cost reduction in production.
Currently operating green hydrogen production facilities at two plants, including a 140 KW R&D-cum-demonstration unit in Ujjain (Madhya Pradesh), and a 3 MW RE capacity plant in the final commissioning stage in Hisar (Haryana), Hygenco is actively constructing two additional plants with a combined capacity of 15 MW in Phase-I in Maharashtra.
The company is ambitiously venturing into projects ranging from 50 to 200 MW, actively engaged in over seven states, targeting industries such as refineries, steel and fertilisers with challenging emissions in their manufacturing processes.
Anshul Gupta, co-founder and chief of strategy and innovations at Hygenco, revealed that "we have secured land for upcoming projects, and active ordering, development, or construction work is underway. Over the next three years, we anticipate a total capital expenditure of approximately $2.5 billion in India."
Hygenco, having secured a win in the recent PLI scheme for green hydrogen production under the SIGHT programme, is set to install 2 GW of RE capacity within three years, winning a PLI for a 75 KTPA capacity.
Gupta stated, "from an estimated capex perspective, the company is eyeing a project pipeline exceeding $10 billion in India."
Following a successful initial funding round of close to $25 million from Neev II Fund, the Gurgaon-based firm is gearing up for a new fundraising round to support its activities and investments over the next 2-3 years, reports Economic Times.
Gupta mentioned that the company is leveraging this expertise to develop green ammonia production projects for both domestic and export purposes, with some of these projects in advanced stages of development.
Seeking like-minded partners committed to the significance of green hydrogen in the global energy transition and viewing India as a pivotal market, Gupta emphasised the preference for patient capital due to the developmental stage of the sector.
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