IFC, Siemens and Fullerton May Invest in Gurugram's Hygenco in $125 Mn Deal

Gurugram-based green hydrogen manufacturer Hygenco Green Energies Pvt. Ltd is reportedly set to onboard a new group of investors, including the World Bank’s International Finance Corporation (IFC), Munich-headquartered Siemens AG, and Singapore’s Fullerton Fund Management. The firm, founded by Amit Bansal, Anshul Gupta and Aashish Gupta in 2020, may sell about 49% of its stake in the deal.

According to a Mint report, the company will raise around $125 million at an enterprise valuation of about $250 million. IFC is expected to invest roughly $50 million as equity, while Siemens AG and Fullerton Fund Management together may contribute the remaining $75 million. The paperwork for the deal is currently in progress, and the announcement is likely around mid-December, the report added.

Hygenco is majority-owned (about 51%) by its three promoters. The remaining 49% is held by SBICAP Ventures Limited’s SVL-SME Fund, also known as the Neev Fund II. It raised $31.3 million from the Neev Fund, with a current valuation of ₹1.02 crore in Series B funding.

The company plans to deploy around $2.5 billion over the next three years to build green hydrogen facilities across India. The fresh capital will support its aim of developing 10 gigawatts (GW) of production and distribution capacity by 2030, the newspaper added.

According to Tracxn, the company has 61 active competitors, including Heliogen, BlueDot Photonics and NitroFix.

The sector has seen interest from global investors amid a push from the Indian government. The Centre aims to produce 5 million tonnes (mt) of green hydrogen by 2030. State-run Solar Energy Corporation of India Ltd (SECI) unveiled a record-low tariff of ₹49 per kg in August. Scaling up hydrogen use is expected to strengthen India’s energy security and strategic position, especially for industries such as fertilisers, refining, steel, shipping and road transport.

India’s strategy focuses on leveraging its vast land availability and competitively priced solar and wind power to produce affordable green hydrogen and ammonia for export to markets such as Japan, South Korea and Europe. Both public-sector companies, including Indian Oil Corp. Ltd and GAIL Ltd; and private players like ACME, ReNew Energy, Larsen & Toubro Ltd, Reliance Industries Ltd and the Adani Group have announced major green hydrogen ambitions.

IFC, which holds an $8-billion India portfolio, aims to double its annual commitments to $10 billion by 2030 from $5.4 billion in FY25. Siemens is also pursuing both organic growth and selective acquisitions to tap opportunities in electrification, automation and digitalisation. The company previously acquired New Delhi-based C&S Electric for €267 million as part of this strategy. Fullerton Fund Management, active in India since 2007, has also expanded its presence, most recently investing in transport platform Routematic through its Fullerton Carbon Action Fund.