GURUGRAM, India and AHMEDABAD,
India, Sept. 18, 2024 /PRNewswire/ -- Hygenco Green
Energies Pvt Ltd, a pioneer in producing low-cost green hydrogen,
announced entering into a MOU with REC Limited (earlier Rural
Electrification Corporation limited) for financing Hygenco's Green
Ammonia Project in Gopalpur, Odisha. The MOU was formalized during
the 4th Global Re-Invest held in Gandhinagar,
Gujarat.
The company's Green Ammonia Project is part of its broader
vision to reduce carbon emissions. Under the MOU, REC will fund
upto $280 million for the project,
even as Hygenco is planning to invest about US$2.5 billion towards its green hydrogen
and green ammonia projects across India in the next few years.
Amit Bansal, Co-Founder and CEO
of Hygenco, said, "We are committed to energy security and aligning
with the Indian government's vision of Aatmanirbhar Bharat. Our
projects will help reduce carbon emissions and pave the way for a
sustainable future."
Hygenco has already made a name for itself in the green hydrogen
space. In March 2024, Hygenco
commissioned India's first
commercial green hydrogen plant in Hisar, Haryana. In 2022, Hygenco
had signed India's first-ever
commercial long-term offtake agreement of green hydrogen for the
Hisar based project with Jindal Stainless. The developer has also
signed agreements with major companies including Sterlite
Technologies to supply green hydrogen.
Hygenco's goal is to become a global leader in green hydrogen
and green ammonia solutions.
Hygenco's success is a significant step towards reducing
India's carbon footprint. Their
projects will help decarbonize industries that are difficult to
abate, such as steel and chemical. This will contribute to
India's climate goals and help
create a sustainable future.
About Hygenco:
Headquartered in Gurgaon, India, Hygenco develops and deploys scaled-up
commercially attractive green hydrogen and green ammonia assets.
Hygenco, which has deep capabilities in designing, building, and
operating Green Hydrogen projects, has commissioned India's first Green Hydrogen project in Hisar
which was inaugurated by Union Minister of Civil Aviation and Steel
earlier this year. Hygenco is looking to invest $2.5 billion over 3 years to set up Green
Hydrogen projects in India.
For more information on Hygenco, please visit
https://www.hygenco.in/.
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