REC Invests $280 Million in Hygenco's Green Ammonia Project in Odisha
Key Ideas
- REC Limited is providing $280 million to Hygenco for their Green Ammonia Project in Odisha, supporting green hydrogen and ammonia production systems.
- Hygenco is planning to invest $2.5 billion in green hydrogen and green ammonia projects across India, focusing on reducing carbon emissions and promoting energy security.
- Hygenco's projects, like 'Project Steel One', aim to contribute towards India's vision of Aatmanirbhar Bharat by creating a sustainable future.
- The company is also in discussions with global investors to raise $400 million for future expansion, with a focus on clean technology development.
Hygenco, a green hydrogen producer, has secured a substantial investment of $280 million from REC Limited for their Green Ammonia Project in Gopalpur, Odisha. This funding is part of Hygenco's larger plan to invest $2.5 billion in green hydrogen and green ammonia projects across India. The company's focus is on developing and deploying commercial green hydrogen and ammonia production systems, with applications in various industries and transport sectors. One of their key achievements, 'Project Steel One', is India's first commercial-scale green hydrogen plant. Amit Bansal, the Co-Founder and CEO of Hygenco, emphasized their commitment to energy security and aligning with the Indian government's vision of Aatmanirbhar Bharat. The projects undertaken by Hygenco aim to reduce carbon emissions and pave the way for a sustainable future. Additionally, the company is exploring opportunities for further growth by engaging in talks with global investors to potentially raise $400 million by the end of the year. This investment will support Hygenco's expansion plans and facilitate the development of clean technology initiatives.