Hygenco Receives $25 Million From Neev II Fund

Updated on: 1 November 2022 10:53 pm

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Haryana-based start-up Hygenco has received $25 million from the climate and sustainability-focused Neev II fund. This fund is managed by SBICAP Ventures and is backed by the United Kingdom (UK) government.

James Cleverly, foreign secretary of the UK government announced this investment during his two-day-long visit to India. Ahead of this high-level visit, the UK government also announced that the Neev II fund will invest $25 million in order to help India’s green energy transition.

Founded in 2020, Hygenco tries to provide commercially attractive and scaled-up hydrogen solutions across the country. The firm is also planning to build its own-operate multiple hydrogen facilities in India. Within three years, the firm wants to deploy $300 million in hydrogen projects in India and this infusion will help Hygenco in commercialising early pipelines.

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"We are about to embark on a breakthrough journey that will change the way commercial customers consume hydrogen with our mission to deliver 100 per cent green hydrogen," Amit Bansal co-founder and CEO of Hygenco said in a statement.

With a focus on clean energy, agricultural supply chain, and social infrastructure sectors, Neev Fund seeks to provide capital to SME companies. In January, the fund invested an undisclosed amount in a bioenergy technology and project integration company called GPS renewables.