Hygenco Green Energies, a company specializing in environmentally friendly hydrogen solutions, has announced the signing of a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW) to explore Green Hydrogen projects in the Middle East region.
This significant agreement was formalized during the India-Saudi Investment Forum 2023, a high-profile event organized by the Department for Promotion of Industry and Internal Trade, the Ministry of Commerce and Industry of India, and the Saudi Ministry of Investment, held by Saudi Crown Prince Mohammed Bin Salman Abdulazziz Al-Saud’s official visit to India.
Amit Bansal, the CEO of Hygenco, emphasized that this marks the company’s inaugural venture into the global market, with ambitious plans to rapidly expand its green hydrogen assets. Hygenco intends to invest over $300 million in the coming years as part of this expansion strategy.
Notably, Hygenco Green Energies had previously entered into India’s first off-take agreement with Jindal Stainless Ltd. The company has set a goal of having the first multi-megawatt scale green hydrogen plant in Asia operational by the conclusion of 2023.