Hygenco Secures $280 Million Financing for Green Ammonia Project in Odisha
Key Ideas
- Hygenco Green Energies has secured $280 million in funding from REC Limited for its Green Ammonia Project in Gopalpur, Odisha.
- The financing aims to support Hygenco's plan to establish a large-scale green ammonia facility in alignment with India's clean energy transition.
- Hygenco's commitment to India's energy security and decarbonization of industries is reflected in its ambitious investments in green hydrogen and ammonia projects across the country.
- The company's vision is to become a global leader in green hydrogen and green ammonia, contributing significantly to reducing India's carbon footprint.
Hygenco Green Energies Pvt Ltd, a key player in the green hydrogen sector in India, has partnered with REC Limited to secure $280 million in financing for its Green Ammonia Project in Gopalpur, Odisha. The agreement was formalized at the 4th Global Re-Invest summit in Gandhinagar, Gujarat. This funding will support Hygenco's plans to establish a significant green ammonia facility in Odisha as part of its strategy to reduce carbon emissions and promote clean energy initiatives in the country. The company, led by Co-Founder and CEO Amit Bansal, aims to invest around $2.5 billion in green hydrogen and ammonia projects in India. Hygenco has already made notable progress by launching India's first commercial green hydrogen plant in Hisar, Haryana, and securing key partnerships for green hydrogen supply. The company's vision is not only to lead in green hydrogen and green ammonia but also to play a crucial role in decarbonizing hard-to-abate industries like steel and chemicals, thereby contributing to India's sustainable development goals.