Indian green hydrogen platform Hygenco Green Energies has signed definitive agreements to raise $105 million in equity from a consortium of global institutional investors led by the International Finance Corporation, Siemens Financial Services and Fullerton Fund Management’s carbon-focused investment strategy, the company said in a release.
The round brings together the International Finance Corporation, Siemens Financial Services, and the Fullerton Carbon Action Fund, alongside blended-finance support from climate-focused public capital vehicles, to accelerate the build-out of green hydrogen and derivatives capacity across India.
IFC is investing about $25 million, Siemens Financial Services about $25 million, and Fullerton up to $30 million, with additional concessional capital from climate funds, including the Clean Technology Fund and the IFC Frontier Opportunities Fund, helping to de-risk the platform.
The investment marks the first direct green hydrogen exposure in India for IFC, Siemens Financial Services and Fullerton’s carbon strategy, and underscores growing institutional interest in hydrogen as a long-term industrial decarbonisation solution.
Hygenco said the capital will be used to scale multiple commercial green hydrogen projects and expand supply of hydrogen and green ammonia to industrial customers, supporting India’s National Green Hydrogen Mission. The company also plans to mobilise additional project-level financing to expand production capacity.
Co-founder and chief executive Amit Bansal said the investment underscored investor confidence in Hygenco’s execution capabilities and its ability to scale commercial green hydrogen solutions.
IFC said the transaction would help catalyse private capital into hard-to-abate sectors in India. “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,” said Imad N Fakhoury, Regional Division Director for South Asia, IFC.
“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,” said Akhil Jain, Partner at Fullerton Fund Management.
Hygenco, which already operates two commercial plants in India, plans to expand its project pipeline in FY26–27 and create more than 1,000 direct jobs over the next five years.
