Climate-focused Neev II Fund backs Hygenco
- ByStartupStory | October 31, 2022
The green hydrogen business Hygenco, based in Haryana, has secured a GBP 22 million investment from the Neev II Fund, which is administered by SBICAP Ventures. According to a statement from SBICAP Ventures, the business plans to invest over $300 million in green hydrogen projects across India over the next three years. The financing will give Hygenco the funding it needs to begin commercialising its early pipeline. James Cleverly, the foreign secretary of the UK, made the announcement during his two-day visit. Prior to his arrival, the British government had revealed that the UK-backed Neev was placing a USD 22 million wager to support India’s shift to green energy.
According to the SBICAP Ventures statement, Hygenco, which provides scaled-up, commercially appealing green hydrogen solutions, will develop, own, and operate numerous green hydrogen plants around the nation. According to the announcement, India’s Green Hydrogen Mission seeks to produce 5 million tonnes of green hydrogen by 2030.
“We are about to embark on a breakthrough journey that will change the way commercial customers consume hydrogen with our mission to deliver 100 per cent green hydrogen,” Hygenco’s co-founder and chief executive Amit Bansal stated.
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