Neev Fund invests $25M in green hydrogen company Hygenco
The fund aims to deploy over $300 million in green hydrogen projects across India in the next three years and the investment will provide the necessary capital to Hygenco for commercialising the early pipeline, a statement from SBICAP Ventures said.
Haryana-based green hydrogen company Hygenco has received GBP 22 million ($25 million) investment from SBICAP Ventures managed Neev II Fund.
The fund aims to deploy over $300 million in green hydrogen projects across India in the next three years, and the investment will provide the necessary capital to Hygenco for commercialising the early pipeline, a statement from SBICAP Ventures said.
The investment was announced by UK foreign secretary James Cleverly during his two-day visit to the country. Ahead of his visit, the British government had announced that the UK-backed Neev is taking a GBP 22 million bet to help India's green energy transition.
Hygenco, which deploys scaled-up commercially attractive green hydrogen solutions, will build-own-operate multiple green hydrogen facilities across the country, as per the SBICAP Ventures statement.
"We are about to embark on a breakthrough journey that will change the way commercial customers consume hydrogen with our mission to deliver 100% green hydrogen," Hygenco's co-founder and chief executive Amit Bansal said.
India's Green Hydrogen Mission aims to produce five million tonnes of green hydrogen manufacturing capability by 2030, as per the statement.
"We will continue to open the gates of capital to climate focused purpose driven businesses," Neev Fund's chief investment officer Akshay Panth said.
Launched in 2015, Neev funds are supported by domestic investors such as SIDBI, SBI Group, and the SRI Fund, with additional backing from the UK government through the Foreign, Commonwealth and Development Office (FCDO), Japan International Cooperation Agency (JICA) and European Investment Bank (EIB).
Edited by Kanishk Singh