India’s green hydrogen ambitions received another international vote of confidence this week as Haryana-based Hygenco secured a GBP 22 million (USD 27 million) investment from the UK-backed Neev II Fund, managed by SBICAP Ventures.
The funding, announced during UK Foreign Secretary James Cleverly’s visit to India, marks a key financial endorsement for India’s National Green Hydrogen Mission, which targets 5 million tonnes of annual production by 2030.
The capital injection will accelerate Hygenco’s plans to deploy over USD 300 million in green hydrogen projects across India within three years, focusing on industrial off-takers seeking to decarbonize fuel use in sectors such as refining, steel, and chemicals. Hygenco’s “build-own-operate” model offers commercial customers access to hydrogen without the need for upfront infrastructure investment, positioning the company as a domestic leader in scaling early-stage projects to operational maturity.
While the scale of Hygenco’s pipeline remains undisclosed, the investment signals growing investor appetite for tangible hydrogen infrastructure rather than speculative ventures. The Neev II Fund—supported by Indian institutional investors including SIDBI and SBI Group, alongside international partners such as the UK’s Foreign, Commonwealth and Development Office (FCDO), the Japan International Cooperation Agency (JICA), and the European Investment Bank (EIB)—is designed to catalyze private sector participation in climate-focused projects. Its commitment to Hygenco reflects a strategic shift toward financing commercially viable decarbonization pathways rather than demonstration-scale pilots.
Hygenco’s co-founder and CEO Amit Bansal described the company’s mission as “delivering 100 percent green hydrogen” to commercial users, underscoring a move toward self-sustaining hydrogen ecosystems in India’s industrial corridors. Analysts note that such distributed hydrogen generation models could play a crucial role in mitigating the logistical challenges of transporting hydrogen over long distances—an often overlooked cost factor in India’s emerging hydrogen economy.
However, experts remain cautious about the pace of deployment relative to India’s ambitious 2030 target. Despite a wave of public and private announcements, most large-scale green hydrogen projects in India remain in pre-construction or feasibility stages. As supply chains for electrolyzers, renewable power, and storage systems remain under development, access to both technology and affordable capital will determine how quickly players like Hygenco can move from concept to production.
For the UK, the investment aligns with its broader foreign policy strategy of supporting energy transition partnerships with key emerging markets. By channeling development finance through vehicles like the Neev funds, the UK is positioning itself as both a financier and a technology collaborator in India’s decarbonization roadmap—a relationship increasingly driven by mutual energy security and industrial competitiveness goals.
Stay updated on the latest in energy! Follow us on LinkedIn, Facebook, and X for real-time news and insights. Don’t miss out on exclusive interviews and webinars—subscribe to our YouTube channel today! Join our community and be part of the conversation shaping the future of energy.
