Hygenco

Hygenco operates on a Build-Own-Operate (BOO) business model, financing, constructing, and operating green hydrogen plants to provide end-to-end solutions for its clients. This integrated approach, which combines expertise in industrial gases and renewables, allows the company to manage costs and efficiencies throughout the project lifecycle. The company generates revenue through long-term offtake agreements, essentially selling green hydrogen as a service to industrial clients. These clients are typically in sectors with hard-to-abate emissions, such as steel, refineries, fertilizers, chemicals, glass, and optical fibre manufacturing.

The company's core offering is the production of green hydrogen through water electrolysis powered by renewable energy, and subsequently, green ammonia. This service enables industrial partners to significantly reduce their carbon footprint. Hygenco has successfully commissioned several key projects, including India's first megawatt-scale green hydrogen plant for a steel company in Hisar, Haryana, and another facility in Maharashtra for Sterlite Technologies, an optical fibre manufacturer. The company is also developing a large-scale green ammonia project in Gopalpur, Odisha, with a production target of 1 million tonnes per year, a significant portion of which is intended for export. To support its ambitious growth, Hygenco has secured notable funding, including a $25.4 million Series B round in October 2022 from Neev II Fund and a $5.9 million convertible debt round in December 2024.