New Delhi, June 5, 2026: Global marquee institutional investors—International Finance Corporation (“IFC”), Siemens Financial Services– the B2B financing arm of Siemens AG (“Siemens”), and Fullerton Carbon Action Fund (“Fullerton”)—today announced signing of definitive agreements to co-lead a collective US$105 million equity investment into India’s leading green hydrogen solutions platform, Hygenco Green Energies Private Limited (“Hygenco”).
Hygenco has already demonstrated its ability to design, engineer, build, operate, and deliver commercially attractive green hydrogen supplies through its existing projects, which were supported by a approx. US$25 million equity investment by SBI Ventures managed Neev II Fund (“SVL-SME Fund”) in 2022.
This new equity infusion in the hold-co platform will support the development of multiple commercially attractive green hydrogen projects, scaling the supply of competitive, seamless, high-quality green molecules to industrial customers nationwide. For this purpose, Hygenco aims to mobilize additional private sector investments at the asset-co level for production of green hydrogen and green hydrogen derivatives (including green ammonia). By expanding the production capabilities and strengthening supply chains, Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors, playing a transformative role in the country's energy transition and directly supporting India’s National Green Hydrogen Mission. It will also support the creation of more than 1,000 direct jobs over five years, while generating indirect employment opportunities across the green hydrogen value chain and the broader industrial ecosystem.
The round brings together three distinct and complementary forms of capital — IFC's development financing and catalytic mandate in emerging markets, Fullerton's private institutional capital and active partnership model in Asia, and Siemens' industrial and technological expertise. Together, the consortium provides Hygenco with financial depth, commercial discipline, and industrial backing to underwrite the company's next phase of growth. IFC is investing approx. US$25 million from its own account, Siemens is investing approx. US$25 million, and Fullerton is investing up to US$30 million. This is complemented by two blended finance facilities implemented by IFC to help de-risk the platform and attract private investment - The Clean Technology Fund, a program of the Climate Investment Funds (CIF), is investing approx. US$20 million, while the Frontier Opportunities Fund, supported by the government of Germany, is providing approx. US$5 million. This marks IFC, Siemens and Fullerton’s first direct green hydrogen investment in the country. Closing of the transaction is subject to the fulfillment of certain conditions precedent.
"We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey. This US$105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities."
— added Amit Bansal, Co-Founder and CEO of Hygenco
"Green hydrogen represents the most tangible and effective pathway toward decarbonizing many hard-to-abate sectors. We are pleased to have new investors place their trust in our vision and operational capabilities to lead this critical industrial transition."
— added Anshul Gupta, Co-Founder of Hygenco
“Green hydrogen has the potential to accelerate India’s energy transition by helping diversify the country’s fuel mix, strengthen industrial resilience, and decarbonize hard-to-abate sectors. We are pleased to be working with Hygenco, Siemens, and Fullerton on our inaugural green hydrogen investment in India. Together, this partnership aims to scale a commercially viable model, pioneer Hydrogen-as-a-Service, and expand the supply of affordable and reliable green hydrogen solutions, while signaling confidence in the sector’s long-term growth potential. By supporting India’s emerging green hydrogen sector, the investment reflects the World Bank Group’s broader commitment to innovation, sustainable industrial growth, and economic opportunity in India.”
— added Imad N Fakhoury, Regional Division Director for South Asia, IFC
"Fullerton has had the privilege of working with Hygenco's founders to help bring this growth round together, and we are pleased to be joined by IFC and Siemens in backing the next phase of the company's build-out. Hygenco is exactly the kind of established, commercially-disciplined decarbonization platform the Fullerton Carbon Action Fund was built to back — one with the proven engineering and execution capabilities, and scale to materially move the needle on India's National Green Hydrogen Mission and on Asia's broader low-carbon transition."
— added Akhil Jain, Partner at Fullerton Fund Management
" We are pleased to invest alongside IFC and Fullerton in support of Hygenco’s next phase of growth, deploying our financial expertise and innovative technology to advance commercial-scale green hydrogen infrastructure in India. Along with Siemens' integrated automation solutions to help accelerate enhanced production efficiency, this investment underscores our commitment to financing the next generation of sustainable infrastructure required to decarbonize hard-to-abate industries worldwide."
— added Steffen Grosse, CEO of Equity Finance, Siemens Financial Services
"This transaction is exactly the kind of frontier investment CIF catalytic funding is designed to support. CIF’s Clean Technology Fund tackles multiple types of risk, crowds in private capital, and helps fast-growing economies like India scale the clean energy capacity their future will be built on."
— Daniel Morris, Head of Clean Energy, Climate Investment Funds
“As an early investor, Neev II Fund provided critical foundational capital to Hygenco when commercial green hydrogen was nascent in India. Witnessing the subsequent mobilization of global institutional capital behind this platform validates our investment thesis. We are proud of our catalytic role and remain confident in Hygenco’s ability to lead India’s energy transition.”
— added Akshay Panth, CIO of SVL-SME Fund (Neev II)
About Hygenco
Hygenco designs, builds, owns, and operates commercial-scale green hydrogen and green ammonia projects, providing reliable and commercially viable decarbonization solutions to industrial entities. The company currently operates two commercial green hydrogen plants in India and is launching construction of 3-4 more plants in FY 26-27. Hygenco is a recipient of the PLI (Production Linked Incentive) under the Government of India's SIGHT Mode-1 Tranche-1 program. www.hygenco.in
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
Stay Connected with IFC on social media.
About Fullerton Carbon Action Fund
The Fullerton Carbon Action Fund is a private equity strategy managed by Fullerton Fund Management's alternatives team. The Fund partners with established, mid-market companies across India and Southeast Asia that are executing scalable decarbonization strategies in energy, industrials and manufacturing, circular economy, mobility and agriculture. The Fund takes an active partnership approach — working closely with founders and management teams on growth strategy, capital structure, and operational build-out — and avoids early-stage venture and project-level infrastructure risk. Fullerton Fund Management Company Ltd ('Fullerton') is an active investment specialist headquartered in Singapore and is part of Seviora, the multi-asset management group established by Temasek.
About Siemens Financial Services (SFS)
Siemens Financial Services (SFS) – the B2B financing arm of Siemens AG – provides financing that makes a difference. At SFS, we empower customers around the globe to access technology with purpose and increase their competitiveness. Based on our unique combination of financial expertise, risk management and industry know-how we provide tailored financing solutions – including flexible leasing and working capital products, project-related and structured financing, corporate lending, equity investments, finance advisory, as well as trade and receivables financing. With highly experienced and passionate teams in 20+ countries, SFS paves the way for industrial productivity, smart infrastructure and sustainable mobility, facilitates the energy transition and enables high-quality healthcare. SFS is also one of the leading providers in financing of renewable energy and resource-efficient industries. www.siemens.com/finance.
About CIF
Funding for this project is provided through the CIF’s Clean Technology Fund. The $14 billion CIF invests in developing countries to drive sustainable, resilient growth, and build shared prosperity through climate finance. Since 2008, CIF partners with governments and multilateral development banks. CIF accelerates investment to transform energy systems, build resilience, harness nature-based solutions, and modernize industry – paving the way for other investors to follow. Through grants and concessional loans, CIF enables more than 80 countries to mobilize capital at scale, with over $10 per dollar in expected co-financing on average. In 2025, CIF became the first multilateral climate fund to raise new private finance in capital markets, with the CIF Capital Markets Mechanism (CCMM).
About the IFC Frontier Opportunities Fund
IFC Frontier Opportunities Fund is a blended finance facility established in 2025 to help unlock equity investment in emerging markets and developing economies. The fund is designed to address the shortage of risk capital by taking first-loss positions, including junior equity. The Frontier Opportunities Fund supports job creation through investments in innovative business models and technologies across sectors such as energy, cities, transport, manufacturing, and agriculture, including solutions that promote cleaner production, reliable energy, and resilient infrastructure.
About SVL-SME Fund
SVL-SME Fund (Neev II) - is a private equity fund managed by SBI Ventures Limited, (a subsidiary of State Bank of India; and manages ~INR 300 Bn across different strategies including climate-tech investments, real estate and Fund of funds). Neev II aims to bridge the private equity gap required for India’s transition towards climate resilience and low emissions. The fund invests growth capital in high impact and commercially attractive business models across priority sectors including clean energy, circular economy, energy efficiency and sustainable infrastructure. https://sbiventures.co.in/funds-managed/neev-fund-ii/
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.