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IFC, Siemens and Fullerton Co-Lead USD 105 Million Investment in Hygenco

International Finance Corporation, Siemens Financial Services and Fullerton Carbon Action Fund have signed definitive agreements to co-lead a USD 105 million equity investment in Hygenco Green Energies to scale green hydrogen and green ammonia production in India.

June 09, 2026. By Mrinmoy Dey

International Finance Corporation (IFC), Siemens Financial Services and Fullerton Carbon Action Fund have announced signing definitive agreements to co-lead a collective USD 105 million equity investment into the Indian green hydrogen solutions platform, Hygenco Green Energies.

While IFC is investing approximately USD 25 million from its own account, Siemens is investing about USD 25 million, and Fullerton is investing up to USD 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 about USD 20 million, while the Frontier Opportunities Fund, supported by the government of Germany, is providing about USD 5 million. This marks IFC, Siemens and Fullerton’s first direct green hydrogen investment in the country.

Commenting on the development, Amit Bansal, Co-Founder and CEO of Hygenco, said, “We are thrilled to partner with IFC, Siemens, and Fullerton on our growth journey. This USD 105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities.”

Anshul Gupta, Co-Founder of Hygenco, added, “Green hydrogen represents the most tangible and effective pathway toward decarbonising 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.”

Imad N Fakhoury, Regional Division Director for South Asia, IFC, commented, “Green hydrogen has the potential to accelerate India’s energy transition by helping diversify the country’s fuel mix, strengthen industrial resilience, and decarbonise 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 signalling 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.”

Akhil Jain, Partner at Fullerton Fund Management, added, “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 decarbonisation 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.”

Steffen Grosse, CEO of Equity Finance, Siemens Financial Services, said, “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 decarbonise hard-to-abate industries worldwide.”

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 an approximately USD 25 million equity investment by SBI Ventures-managed Neev II Fund in 2022.

This new equity infusion in the 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, stated IFC.

For this purpose, Hygenco aims to mobilise additional private sector investments at the asset-co level for the 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.

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Investment & Trading

International Finance Corporation

Siemens Financial Services

Fullerton Carbon Action Fund

Hygenco Green Energies

IFC, Siemens, Fullerton invests in Hygenco