Schedule a Call Back
REC commits $280 million to Hygenco's green ammonia project in Odisha
Industry News- Sep 18,24
In July, it was reported that Hygenco is in talks with global investors for a potential stake sale to raise about $400 million for future expansion.
Green hydrogen producer Hygenco has secured financing from REC Limited for its Green Ammonia Project in Gopalpur, Odisha. REC, a state-backed power sector lender, will provide up to $280 million for the project.
Under the memorandum of understanding (MoU), REC will fund the project, while Hygenco plans to invest around $2.5 billion in green hydrogen and green ammonia projects across India over the next few years. Hygenco specialises in developing and deploying commercial green hydrogen and ammonia production systems for large-scale industries, transport, and personal mobility. One of its notable achievements is ‘Project Steel One’, India’s first commercial-scale green hydrogen plant.
Amit Bansal, Co-Founder and CEO, Hygenco, stated, "We are committed to energy security and aligning with the Indian government's vision of Aatmanirbhar Bharat. Our projects will help reduce carbon emissions and pave the way for a sustainable future."
In July, it was reported that Hygenco is in talks with global investors for a potential stake sale to raise about $400 million for future expansion. The company, based in Haryana, has not disclosed the percentage of the stake that would be offered to investors.
(Moneycontrol)
Related Stories
Electrical & Electronics
REC Facilitates MoU for NABL-Accredited Testing Facility in Meghalaya’s Power Sector
REC Limited has mediated a key MoU between MePDCL and CPRI to establish a NABL-accredited testing facility in Meghalaya, boosting local power infrastructure quality and accelerating RDSS projects.
Read morePolicy Regulation
SPDA Sessions Explore Financing & Policy Solutions to Bridge Green Hydrogen Cost Gap
Though India has taken significant strides through the National Green Hydrogen Mission, the high cost of electrolyzers, renewable power, and infrastructure remains a major impediment to commercial v..
Read moreElectrical & Electronics
India’s Solar Waste May Reach 11 Million Tonnes by 2047
The country’s installed solar capacity has already crossed 85 GW, and with the target of 500 GW of renewable energy by 2030, waste volumes are expected to rise sharply in the coming decades.
Read moreRelated Products
Programmable Controllers - Pcd-33a Series
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Pro-Med Instruments (P) Ltd offers a wide range of programmable controllers - PCD-33A Series.
Gasket Graphite Powder
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Arihant Packing & Gasket Company offers a wide range of gasket graphite powder.
Asahi Kasei expands 3D printing filament sales in North America
CHEMICAL PROCESS, FOOD/PHARMA EQUIPMENT & ANALYTICAL INSTRUMENTS
Asahi Kasei, a leading resin and compounding technology provider, has initiated the sales of 3D printing (3DP) filaments in North America through Asahi Kasei Plastics North America (APNA). The soft la Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
