Reading Time: 2 minutes
Hygenco, a Haryana-based green-hydrogen company, has been awarded a GBP 22 million investment by the Neev II Fund managed by SBICAP Ventures.
According to SBICAP Ventures, the company plans to invest more than USD 300 million in green-hydrogen projects in India over the next three years. The investment will also provide capital for Hygenco to commercialise the early pipeline.
During his two-day visit, James Cleverly, the UK’s foreign secretary, announced the investment. The British government announced ahead of his visit that the UK-backed Neev will make a USD 22 million bet to support India’s green energy transition.
According to the SBICAP Ventures Statement, Hygenco will build-own and operate multiple green hydrogen facilities in the country.
Amit Bansal, Hygenco’s chief executive and co-founder, stated that “we are about to embark upon a breakthrough journey which will change how commercial customers consume hydrogen with the mission to deliver 100% green hydrogen.”
According to the statement, India’s Green Hydrogen Mission targets 5 million tonnes of green hydrogen manufacturing capacity by 2030.
Akshay Panth, chief investment officer at Neev Fund, stated that “We will continue opening the gates to capital to climate-focused purpose-driven businesses,”
Neev funds were launched in 2015. They are supported by domestic investors like SIDBI, SBI Group and SRI Fund. Additional backing is provided by the UK government through the Foreign, Commonwealth and Development Office (FCDO), Japan International Cooperation Agency (JICA), and European Investment Bank (EIB).