Hygenco
Hygenco is an India-based green hydrogen and green ammonia producer operating a Hydrogen-as-a-Service model that supplies zero-emission molecules under long-term agreements to industrial offtakers in refining, fertilizers, chemicals, steel, and heavy transport.
- Company typePrivate
- Founded2020
- HeadquartersGurugram, India
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Hygenco does
Hygenco Green Energies Pvt. Ltd., founded in 2020 and headquartered in Gurugram, Haryana, is an Indian green hydrogen and green ammonia developer operating under a Hydrogen-as-a-Service commercial model. The company produces green hydrogen via electrolysis powered by renewable energy and converts output into green ammonia as a derivative molecule, supplying both products to large industrial customers in hard-to-abate sectors — refining, fertilizers, chemicals, steel manufacturing, and heavy transportation. Hygenco currently operates two commercial green hydrogen plants in India and has announced construction of three to four additional green hydrogen and ammonia facilities during FY27 as part of a planned USD 2.5 billion project rollout targeting 10 GW of assets by 2030.
The business model is structured around long-term, binding purchase agreements with industrial offtakers, positioning the company as a develop-own-operate service provider that removes the capex burden from end customers. Pricing is contract-negotiated and not publicly disclosed, with multi-year subscription-style contracts supporting revenue recurrence. Distribution is direct-to-industrial via enterprise field sales, and the company does not maintain consumer-facing marketing channels. As of FY26 the company employs 101-250 staff and has committed to creating over 1,000 direct jobs over the next five years as it scales plant construction and operations.
Hygenco's strategic alignment with India's National Green Hydrogen Mission — which targets 5 million tonnes of green hydrogen capacity by 2030 — underpins its policy positioning. The company has raised approximately USD 130 million in cumulative equity across two disclosed rounds: a GBP 22 million investment from the Neev II Fund (SBICAP Ventures) in October 2022 and a USD 105 million Series B in June 2026 led by IFC, Siemens Financial Services, and the Fullerton Carbon Action Fund, with additional blended finance from the Clean Technology Fund and Frontier Opportunities Fund. A November 2025 deal discussion implied an approximately USD 250 million company valuation on a minimum 49% stake transfer. Each of IFC, Siemens, and Fullerton made their first direct green hydrogen investment in India through this round, underscoring Hygenco's role as a flagship platform for foreign institutional capital deployment into India's hydrogen economy.
Hygenco firmographics
Firmographics- Name
- Hygenco
- Legal name
- Hygenco Green Energies Pvt. Ltd.
- Website
- https://hygenco.in
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Hygenco is an India-based green hydrogen and green ammonia producer operating a Hydrogen-as-a-Service model that supplies zero-emission molecules under long-term agreements to industrial offtakers in refining, fertilizers, chemicals, steel, and heavy transport.
- Ownership category
- akta.pro rank
Hygenco industry classification
Industry- Product category
- Green Hydrogen Production
- NAICS
- Industrial Gas Manufacturing (32512), Chemical Manufacturing (325)
- SIC
- Industrial Organic Chemicals (2860)
- akta.pro primary industry
- Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol) (EUABAJAC)
Keywords
Where Hygenco is headquartered
LocationHeadquarters
- HQ city
- Gurugram
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
Hygenco business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Supply Chain, Personnel, Technology or R&D, Operations
Revenue model
- Green Hydrogen Supply: Hygenco generates revenue through supplying green hydrogen and green ammonia to industrial customers under long-term purchase agreements. The Hydrogen-as-a-Service model provides zero-emission green molecules to hard-to-abate sectors including refining, fertilizers, chemicals, steel manufacturing, and heavy transportation.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Hydrogen-as-a-Service contracts with industrial customers |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels1 record
Hygenco product offering
Product offeringCore offering
Hygenco develops, owns, and operates commercial-scale green hydrogen and green ammonia production assets powered by renewable energy, supplying the resulting zero-emission molecules to industrial customers through a Hydrogen-as-a-Service contract model. The company currently operates two commercial green hydrogen plants in India and is expanding its project pipeline to support industrial decarbonization in sectors such as refining, fertilizers, chemicals, steel manufacturing, and heavy transportation.
Product overview
Hygenco operates as a green hydrogen solutions platform offering a unified Hydrogen-as-a-Service model. The company produces green hydrogen and green ammonia as its core products, supplying zero-emission green molecules to hard-to-abate industrial sectors nationwide. Hygenco currently operates two commercial green hydrogen plants in India with plans to expand to 3-4 additional facilities in 2026-27, positioning itself as a key player in India's energy transition under the National Green Hydrogen Mission.
Differentiator
Problem solved
Functional benefit
Products and services
- Green Hydrogen Production
- Green Ammonia
- Hydrogen-as-a-Service
Quantifiable outcome
- Over 1,000 direct jobs to be created over next five years
- +2 more outcomes
Companies that use Hygenco
Customer profileSegments1 record
Ideal customer profiles1 record
Hygenco technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Hygenco partnerships and signals
Strategic signalScale indicators8 records
Recent moves6 records
Expansion highlights5 records
Hygenco competitors and assessment
Company assessmentBroad incumbents
- NTPC Green Energy: NTPC's renewable energy arm, pursuing green hydrogen production to support India's National Green Hydrogen Mission. Comparable as a domestic green hydrogen developer, but operates within India's largest power utility with substantially broader capabilities and balance sheet.
- JSW Energy: JSW's energy and green hydrogen platform, with stated ambitions for green hydrogen and ammonia production leveraging the group's steel and cement operations as captive offtake. Comparable in India-based industrial green hydrogen, but as part of a broader JSW group ecosystem.
- Indian Oil Corporation: Indian Oil has announced multiple green hydrogen projects, including captive production at its refineries, and is among the largest public-sector energy players pursuing hydrogen under the National Green Hydrogen Mission. Comparable as an India-based green hydrogen developer, but with the scale and incumbency of India's largest downstream oil company.
- Reliance New Energy: Reliance Industries' green energy and hydrogen platform, with announced investments in electrolyzer manufacturing and integrated renewable-to-hydrogen projects in Gujarat. Comparable in targeting industrial-scale green hydrogen/ammonia in India, but operating as part of a much broader conglomerate.
Direct peers
- Greenko Group: Greenko is an India-headquartered renewable energy IPP that has expanded into green hydrogen and ammonia production for industrial and export markets. Directly comparable as an India-based integrated renewable energy-to-hydrogen developer with a similar offtake-driven model.
- ACME Group: ACME is one of India's largest green hydrogen and renewable energy developers, with major ammonia and hydrogen projects targeting industrial offtakers. Directly comparable to Hygenco in producing green hydrogen/ammonia for hard-to-abate sectors in India under the same national policy framework.
- CWP Global: CWP Global is a developer of large-scale green hydrogen and ammonia projects, including in India and North Africa. Comparable to Hygenco in developing bankable green hydrogen/ammonia facilities targeting industrial decarbonization and export demand.
- Adani New Industries (ANIL): Adani's green hydrogen and green ammonia arm, targeting large-scale production for industrial and export markets. Closely comparable to Hygenco as an India-based green hydrogen platform with multi-GW ambitions, though backed by a much larger conglomerate balance sheet.
- Fortescue Future Industries: Fortescue's green energy arm, focused on producing green hydrogen and its derivatives at scale for industrial customers globally. Comparable to Hygenco in targeting hard-to-abate industrial offtakes with a project-development-led approach, though operating at a different stage of scale.
Emerging players
- Ohmium International: Ohmium is an India-based PEM electrolyzer manufacturer focused on green hydrogen production. Adjacent to Hygenco as a fellow India-based green hydrogen player, but operates on the equipment-supply side of the value chain rather than the integrated production-and-supply model.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Hygenco social profiles
Digital presenceHygenco financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hygenco leadership team
Management profileNumber of profiles
Hygenco funding detail
Funding detailFunding overview
Funding rounds2 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hygenco M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hygenco
What does Hygenco do?
Hygenco develops, owns, and operates commercial-scale green hydrogen and green ammonia production assets powered by renewable energy, supplying the resulting zero-emission molecules to industrial customers through a Hydrogen-as-a-Service contract model. The company currently operates two commercial green hydrogen plants in India and is expanding its project pipeline to support industrial decarbonization in sectors such as refining, fertilizers, chemicals, steel manufacturing, and heavy transportation.
Is Hygenco a public or private company?
Hygenco is a private company. It is classified as venture growth investor backed and is currently operating.
When was Hygenco founded?
Hygenco was founded in 2020. It employs 101 to 250 people.
Where is Hygenco based?
Hygenco is headquartered in Gurugram, India, in the Asia region.
How does Hygenco make money?
One revenue line is on record: green Hydrogen Supply.
Who are Hygenco's main competitors?
Broad incumbents on record are NTPC Green Energy, JSW Energy, Indian Oil Corporation and Reliance New Energy. Direct peers are Greenko Group, ACME Group, CWP Global, Adani New Industries (ANIL) and Fortescue Future Industries. Ohmium International is listed as an emerging player.
Does Hygenco have an API?
No public API is recorded for Hygenco.
What industry is Hygenco in?
Hygenco's product category is Green Hydrogen Production. Its primary akta.pro industry code is EUABAJAC, Hydrogen & Derivative Fuels for Industry (H₂, Ammonia, Methanol). Its NAICS code is 32512 and its SIC code is 2860.