Hygenco enters into MOU with REC to finance Green Ammonia Project in Gopalpur, Odisha

GURUGRAM,Indiaand AHMEDABAD,India,Sept. 18, 2024/PRNewswire/ -- Hygenco Green Energies Pvt Ltd, a pioneer in producing low-cost green hydrogen, announced entering into a MOU with REC Limited (earlier Rural Electrification Corporation limited) for financing Hygenco's Green Ammonia Project in Gopalpur, Odisha. The MOU was formalized during the 4^thGlobal Re-Invest held in Gandhinagar, Gujarat.

The company's Green Ammonia Project is part of its broader vision to reduce carbon emissions. Under the MOU, REC will fund upto$280 millionfor the project, even as Hygenco is planning to invest aboutUS$2.5billion towards its green hydrogen and green ammonia projects acrossIndiain the next few years.

Amit Bansal, Co-Founder and CEO of Hygenco, said,"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."

Hygenco has already made a name for itself in the green hydrogen space. InMarch 2024, Hygenco commissionedIndia'sfirst commercial green hydrogen plant in Hisar, Haryana. In 2022, Hygenco had signedIndia'sfirst-ever commercial long-term offtake agreement of green hydrogen for the Hisar based project with Jindal Stainless. The developer has also signed agreements with major companies including Sterlite Technologies to supply green hydrogen.

Hygenco's goal is to become a global leader in green hydrogen and green ammonia solutions.

Hygenco's success is a significant step towards reducingIndia'scarbon footprint. Their projects will help decarbonize industries that are difficult to abate, such as steel and chemical. This will contribute toIndia'sclimate goals and help create a sustainable future.

About Hygenco:

Headquartered in Gurgaon,India, Hygenco develops and deploys scaled-up commercially attractive green hydrogen and green ammonia assets. Hygenco, which has deep capabilities in designing, building, and operating Green Hydrogen projects, has commissionedIndia'sfirst Green Hydrogen project in Hisar which was inaugurated by Union Minister of Civil Aviation and Steel earlier this year. Hygenco is looking to invest$2.5 billionover 3 years to set up Green Hydrogen projects inIndia.

For more information on Hygenco, please visithttps://www.hygenco.in/.

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SOURCE Hygenco