Green hydrogen producer Hygenco said that it has entered an agreement with REC Limited for financing Hygenco’s Green Ammonia Project in Gopalpur, Odisha. The state-backed power sector lender will provide upto $280 million for the project.
Hygenco develops and deploys commercial green hydrogen and ammonia production systems. Its applications are used in large-scale process industries, terrestrial and marine transport, and personal mobility. One of their significant achievements is “Project Steel One”, which is India’s first commercial-scale green hydrogen plant.
The Haryana-based company is looking to raise about $400 million by the end of this year. However, it has not disclosed the percentage of stake that would be sold out to investors.
Tags: Green Ammonia, Hygenco, REC
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