Hygenco, REC enters into MoU to finance green ammonia project

19 Sep 2024 CW Team

Hygenco Green Energies, a producer of green hydrogen, announced that it has entered into a memorandum of understanding (MoU) with REC Ltd to finance Hygenco’s green ammonia project in Gopalpur, Odisha. Under the terms of the MoU, REC is set to fund up to $280 million for the project, while Hygenco plans to invest approximately $2.5 billion over the coming years in its green hydrogen and green ammonia initiatives across India.

Amit Bansal, the co-founder and CEO of Hygenco, stated that their projects aim to reduce carbon emissions and contribute to a sustainable future. The MoU was formalised during the 4th Global Re-Invest conference held in Gandhinagar, Gujarat.

In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. In 2022, the company signed India’s first long-term offtake agreement for green hydrogen related to the Hisar project with Jindal Stainless. Hygenco has also entered into agreements with major companies, including Sterlite Technologies, to supply green hydrogen.

The company aspires to become a global leader in green hydrogen and green ammonia solutions, with the goal of establishing projects that will help decarbonise industries that are typically difficult to abate, such as steel and chemicals.

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