Newsletter
Hygenco Green Energies is on its way to onboard a new set of investors including Germany’s Siemens AG,Singapore-based Fullerton Fund Management and International Finance Corporation by selling 49% of its stake.
Hygenco develops and operates green hydrogen and green ammonia production facilities. The company also provides these sustainable industrial gases to sectors like steel, fertilizers, through a "gas-as-a-service" model.
The deets: with this funding, Hygenco plans to raise around $125 million and reach a valuation of $250 million. IFC is likely to invest about $50 million in equity, while Siemens AG and Fullerton Fund Management will jointly contribute the remaining $75 million.
Looking ahead: with the new funding, the company plans to deploy about $2.5 billion over the next three years to build green hydrogen facilities across India.
This will help it move toward its goal of setting up 10 GW of production and distribution capacity by 2030.
Zoom out: the move also aligns with India’s goal of scaling green hydrogen production to 5 million metric tonnes by 2030.
The government aims to build a strong export ecosystem as well, supplying green hydrogen and green ammonia to markets like Japan, South Korea, and parts of Europe.
For investors such as IFC, Siemens, and Fullerton, the deal offers a chance to deepen their presence in India’s fast-growing renewable energy sector, projected to grow at 8.6% and touch $47.22 billion by 2032.
fnfresearch.com
