Hygenco Green Energies, a green hydrogen producer based in Mumbai, has signed a Memorandum of Understanding (MoU) with REC Ltd to receive funding of up to $280 million for a green ammonia project in Gopalpur, Odisha. The company is also planning a massive investment of approximately $2.5 billion in the coming years for green hydrogen and green ammonia projects across India. Amit Bansal, the co-founder and CEO of Hygenco, expressed that these projects aim to reduce carbon emissions and contribute to a sustainable future. The MoU between Hygenco and REC Ltd was formalized during the 4th Global Re-Invest event in Gandhinagar, Gujarat. In a significant achievement, Hygenco had earlier commissioned India's first commercial green hydrogen plant in Hisar, Haryana. Additionally, the company secured India's first commercial long-term offtake agreement of green hydrogen for the Hisar project with Jindal Stainless. Collaborations with major companies like Sterlite Technologies have also been established for green hydrogen supply. Hygenco Green Energies envisions becoming a global leader in green hydrogen and green ammonia solutions. Their strategic focus lies in setting up projects that facilitate the decarbonization of industries that pose challenges in transitioning to sustainable practices, such as steel and chemicals. By targeting these sectors, Hygenco aims to play a vital role in driving industry decarbonization and promoting green technology adoption.