What happens when the World Bank's private investment arm, a German industrial giant, and a Singapore-based climate fund all place their first-ever bet on the same thing in the same country at the same time? You get a $105 million earthquake in the world of clean energy. This isn't about solar panels or wind turbines. This is about the fuel of the future—green hydrogen—and the Indian startup that just convinced the world's most sophisticated investors that it can deliver it at commercial scale. The message is clear: the green hydrogen revolution isn't coming. It's already here. And it's being built in India.
On June 5, 2026, the global energy landscape shifted.
In a landmark transaction that signals the arrival of green hydrogen as a commercially viable asset class, Hygenco Green Energies Private Limited—India's leading green hydrogen solutions platform—signed definitive agreements for a collective $105 million equity investment. The consortium bringing this capital to the table reads like a who's who of global institutional finance: the International Finance Corporation (IFC) , the private investment arm of the World Bank; Siemens Financial Services, the B2B financing arm of the German industrial giant Siemens AG; and the Fullerton Carbon Action Fund, a Singapore-based climate-focused investment vehicle.
The round is structured with precision. IFC is investing approximately $25 million from its own account, Siemens Financial Services is contributing another $25 million, and Fullerton is committing up to $30 million. But that's only the beginning. Two blended-finance facilities implemented by IFC complete the picture: the Clean Technology Fund (a program of the Climate Investment Funds) is investing $20 million, while the Frontier Opportunities Fund—backed by the German government—is providing an additional $5 million. Together, these complementary sources of capital provide Hygenco with financial depth, commercial discipline, and industrial backing to underwrite its next phase of growth.
This marks the first direct green hydrogen investment in India for all three anchor institutions. When three institutions of that calibre move simultaneously into the same developer, it tells the market something profound about where the risk-reward calculation has landed.
So what exactly is Hygenco building? The company designs, engineers, builds, owns, and operates commercial-scale green hydrogen and green ammonia projects, providing reliable and commercially viable decarbonization solutions to industrial entities. Its business model is Hydrogen-as-a-Service: design, build, finance, own, and operate green hydrogen plants, then supply hydrogen directly to industrial customers in hard-to-abate sectors—steel, fertilisers, chemicals, glass, and oil refining. The company already operates two commercial green hydrogen plants in India and is set to begin construction of three to four more plants in 2026-27.
The green ammonia piece of the puzzle is equally ambitious. Hygenco broke ground on a green ammonia facility at the Gopalpur Industrial Park in Odisha in June 2025. The first phase of this project will produce 600 tonnes per day and is set to commence commercial operations in 2027. The company has selected Topsoe's advanced dynamic green ammonia technology as its licensor and has been working with Mitsubishi Heavy Industries on an export optimisation study targeting Singapore. Hygenco's long-term ambition is to deploy 10 GW of green hydrogen and ammonia assets by 2030, aligning with India's net-zero ambitions.
The capital infusion will drive impact across three key areas: production scale-up through the development of multiple commercially attractive green hydrogen projects nationwide; distribution network expansion to ensure seamless supply of competitive, high-quality green molecules to industrial customers; and capital mobilization to attract additional large private investments at the asset-co level. By expanding production capabilities and strengthening supply chains, Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors, playing a transformative role in the country's energy transition and directly supporting India's National Green Hydrogen Mission.
The job creation numbers are equally significant. The company will support the creation of more than 1,000 direct jobs over five years, while generating indirect employment opportunities across the green hydrogen value chain and the broader industrial ecosystem.
The investor sentiment is unequivocal. Amit Bansal, Co-Founder and CEO of Hygenco, said: "We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey. This US$105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities." His co-founder, Anshul Gupta, added: "Green hydrogen represents the most tangible and effective pathway toward decarbonizing many hard-to-abate sectors. We are pleased to have new investors place their trust in our vision and operational capabilities to lead this critical industrial transition."
Imad N Fakhoury, IFC's Regional Division Director for South Asia, framed the partnership in terms of long-term impact: "Together, this partnership aims to scale a commercially viable model, pioneer Hydrogen-as-a-Service, and expand the supply of affordable and reliable green hydrogen solutions, while signaling confidence in the sector's long-term growth potential."
Akhil Jain, Partner at Fullerton Fund Management, emphasized the platform's readiness: "Hygenco is exactly the kind of established, commercially disciplined decarbonisation platform the Fullerton Carbon Action Fund was built to back—one with the proven engineering and execution capabilities, and scale to materially move the needle on India's National Green Hydrogen Mission and on Asia's broader low-carbon transition."
The transaction also carries a powerful signal about the maturation of India's climate-tech ecosystem. Hygenco's existing operational projects were supported by a $25 million equity investment by SBI Ventures-managed Neev II Fund in 2022. That early-stage bet has now been followed by a round more than four times larger, featuring the world's most sophisticated institutional investors. The company is also a recipient of the Production Linked Incentive (PLI) under the government's Strategic Interventions for Green Hydrogen Transition (SIGHT) programme.
Avendus Capital acted as the exclusive financial advisor to Hygenco on this transaction. Pankaj Naik, Managing Director at Avendus Capital Investment Banking, noted: "We are delighted to have advised Hygenco on this landmark transaction, reflecting the growing investor conviction in India's emerging energy transition ecosystem and Hygenco's ability to build and scale commercially viable green hydrogen infrastructure."
The global context makes this investment even more significant. Green hydrogen is increasingly seen as the most tangible and effective pathway toward decarbonizing sectors that cannot be easily electrified—steelmaking, fertiliser production, chemical manufacturing, and long-haul transport. India, with its abundant renewable energy resources and ambitious climate targets, is uniquely positioned to become a global hub for green hydrogen production and export. The National Green Hydrogen Mission, launched by the Government of India, aims to make the country a global leader in the production and export of green hydrogen.
Hygenco's Hydrogen-as-a-Service model addresses a critical market gap. Industrial customers want reliable, affordable green hydrogen without the capital expenditure and operational complexity of building and running their own production facilities. Hygenco takes on that risk, designing, building, and operating the plants, and delivering hydrogen as a service. It's a model that aligns incentives perfectly: Hygenco only succeeds if its customers succeed in decarbonizing their operations.
The funding will also help Hygenco mobilise additional private sector investments at the asset-co level for production of green hydrogen and green hydrogen derivatives, including green ammonia. This is a crucial element of the strategy—the $105 million is equity at the holding company level, which will then be used to attract project-level debt and equity financing for individual plants. The blended finance facilities from the Clean Technology Fund and the Frontier Opportunities Fund are specifically designed to help de-risk the platform and attract private investment.
As the world accelerates toward net-zero emissions, the demand for green hydrogen is expected to skyrocket. The International Energy Agency projects that hydrogen could account for up to 12% of global energy use by 2050. India, with its low-cost renewable energy and growing industrial base, is poised to capture a significant share of this market. Hygenco, with its operational track record, marquee investors, and ambitious project pipeline, is positioned at the very center of this transformation.
The $105 million investment in Hygenco is more than just a funding round. It's a signal—to entrepreneurs, to policymakers, to investors around the world—that India's green hydrogen moment has arrived. And the company that's leading the charge has just received the biggest vote of confidence yet.
