Hygenco: Redefining Cleantech through Green Hydrogen & Green Ammonia Powered Solutions

Amit Bansal, Co-Founder & CEO,  Anshul Gupta, Co-Founder

Amit Bansal, Co-Founder & CEO

Anshul Gupta, Co-Founder

According to Vantage Market Research, the global renewable energy market is projected to reach a value of $1912.12 billion by 2030, growing at a consistent CAGR. A number of reasons are responsible for this growth among which the acceptance of renewable energy in varied forms is the most important. This has inspired entrepreneurs across the world to innovate and create unique cleantech systems for consumption at large. However, in order to gain sustainability in the market, only advanced systems and knowledge expertise is not enough. A niche needs to be created that not only gives satisfaction to the user, but also adds value to the subject of environmental sustainability. This is exactly what Hygenco had in mind when it started off with solutions based specifically on the production of Green Hydrogen and Green Ammonia. Incorporated in 2020, Hygenco develops and deploys scaled up commercially attractive Green Hydrogen and Green Ammonia production assets.

Hygenco aims to work towards a future, which is significantly powered by Green Hydrogen and its derivatives. It believes Green Hydrogen can be a widely adopted fuel and a store of energy with applications ranging from large-scale process industries to terrestrial and marine transport to personal mobility. “Our mission is to facilitate India’s ambitious vision of netzero emissions
future by significantly ramping up green hydrogen production”, states Amit Bansal, Co-Founder & CEO, Hygenco.

Hygenco is backed by NEEV II Fund (fund managed by SBICAP Ventures), a leading climate and sustainability focussed SME fund. NEEV Fund is supported by domestic investors such as SIDBI and SBI Group, with additional backing from the UK government through the Foreign, Common wealth and Development Office (FCDO), Japan International Cooperation Agency (JICA) and European Investment Bank (EIB).

Hygenco builds, owns & operates multiple green hydrogen facilities across the country

Standing Out
Hygenco’s plants do not lead to any additional capacity increase in thermal/nuclear plant capacities. All the plants are also designed with high targets of sustainability keeping in the view the growing environmental responsibilities for various organisations. Hygenco builds, owns and operates multiple green hydrogen facilities across the country. Stakeholders are looking at commercially viable green Hydrogen solutions and Hygenco is one of the only companies providing that through a complete 360-degree techno-commercial view. Through an integrated approach and continuous R&D, Hygenco can extract capex and opex efficiencies in the green hydrogen and green ammonia plants. “We are catering to multiple industries and industrial applications by offering commercially competitive GH2 solution against any mode of grey Hydrogen generation”, mentions Anshul Gupta, Co-Founder.

Looking at the Future
Hygenco aims to deploy more than $300 million in Green Hydrogen projects across India in the next few years. With India’s Green Hydrogen Mission aiming to have 5 million tonnes of Green Hydrogen by 2030, there is an urgent need for affordable and scalable production of Green Hydrogen. Hygenco is one of the pioneers in Green Hydrogen, having deployed India’s first truly green hydrogen demo plant last year in Ujjain, Madhya Pradesh. In 2023, Hygenco will become the first company not just in India to have an operational commercial scale Green Hydrogen plant. “We are also working very closely with leading industrial giants in sectors such as steel, mining and commercial transportation to facilitate their decarbonisation efforts. Hygenco thus hopes to play a pivotal role in India’s energy transition journey, reducing fossil fuel imports and contribute to the sustainable development goals”, concludes Anshul Gupta.