The Neev II Fund under the management of SBICAP Ventures has invested GBP 22 million in Hygenco.
In the next three years, the company plans to invest more than $300 million in green hydrogen projects all throughout India. The investment will give Hygenco the money it needs to start commercializing its early pipeline.
James Cleverly, the foreign secretary of the UK, made the announcement during his two-day visit. According to the SBICAP Ventures statement, Hygenco, which provides scaled-up, commercially appealing green hydrogen solutions, will develop, own, and operate numerous green hydrogen plants around the nation.
According to the announcement, India’s Green Hydrogen Mission seeks to produce 5 million tonnes of green hydrogen by 2030.