Neev II Fund, a climate and sustainability-focused SME fund, has announced an undisclosed amount of investment in Gurugram-based Hygenco Green Energies Pvt. Ltd.

While the fund kept the amount undisclosed, as per the British government’s official website, Hygenco received funding of about £22 million (around Rs 210 crore).

The Gurugram-based startup aims to deploy over $300 million (about Rs 2,471 crore) in green hydrogen projects across India in the next three years. The green energy startup also looks to deploy the raised funds to commercialize its early pipeline.

Hygenco | Green Hydrogen & Green Ammonia Industry Solutions

Founded by Anshul Gupta, Amit Bansal, and Aashish Gupta in 2020, Hygenco develops and deploys scaled-up commercially attractive green hydrogen and green ammonia production assets.

The green energy startup combines its in-house expertise in renewable power, process industry, gases, and project financing with the latest innovation and know-how from its network of global OEMs and EPC firms.

Speaking about the development, Akshay Panth, the chief investment officer at Neev Fund, said,

“The investment into Hygenco is seminal to the philosophy of Neev II of spearheading India’s green transition through alternate energy. Neev Funds are elated to work with the next generation of climate entrepreneurs. We will continue to open the gates of capital to climate focused purpose driven businesses.”

Presently, Hygenco’s assets serve industries, the mobility and transport sector, and power grids. The Gurugram-based startup plans to build-own-operate multiple green hydrogen facilities across the country.

Backed by the United Kingdom government, Neev II Fund is managed by Sbicap Ventures Ltd. The investment announcement was made on UK Foreign Secretary James Cleverly’s two-day visit to India.

Alex W Elis, British High Commissioner to India, stated that The UK and India agreed to collaborate on green hydrogen initiatives as part of its Roadmap 2030 agreement. And this investment in Hygenco is one of the ways of achieving that.

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