A climate and sustainability-focused SME fund called Neev II Fund stated on Monday that it has invested an unknown sum in Hygenco Green Energies Pvt. Ltd.
The UK government supports the Neev II Fund, which is run by Sbicap Ventures Ltd. James Cleverly, the UK foreign secretary, visited India for two days when the announcement was made., as per reported by VCCircle.
The green company plans to invest more than $300 million (about Rs 2,471 crore) in green hydrogen projects across India over the course of the next three years, and it plans to use Neev Fund’s funding to commercialise its early pipeline.
“The UK and India agreed to collaborate on green hydrogen initiatives as part of our Roadmap 2030 agreement. This investment is one of the ways of achieving that,” Alex W Elis, British High Commissioner to India, said.
The Gurugram-based Hygenco was established in 2020 by Amit Bansal, Anshul Gupta, and Aashish Gupta. It develops and implements green hydrogen and green ammonia-powered production solutions.
“The investment into Hygenco is seminal to the philosophy of Neev II of spearheading India’s green transition through alternate energy. Neev Funds are elated to work with the next generation of climate entrepreneurs. We will continue to open the gates of capital to climate-focused purpose driven businesses,” said Akshay Panth, the chief investment officer at Neev Fund.
Its resources benefit businesses, the transportation and mobility sector, and power grids. In the future, Hygenco intends to construct, own, and run a number of green hydrogen facilities across the nation.
Hygenco is founded by industry professionals bringing in combined 30+ years of experience in Construction, Renewables, Operations & Maintenance, Investment banking and Private Equity.
Hygenco aims to be a global leader in deploying Green Hydrogen and Green Ammonia powered industry solutions.