Hygenco Green Energies Pvt Ltd., a  pioneer in producing low-cost green H₂, 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 4th Global 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 up to $280 MM for the project, even as Hygenco is planning to invest about $2.5 B towards its green H₂ and green ammonia projects across India in 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 H₂ space. In March 2024, Hygenco commissioned India's first commercial green H₂ plant in Hisar, Haryana. In 2022, Hygenco had signed India's first-ever commercial long-term offtake agreement of green H₂ for the Hisar based project with Jindal Stainless. The developer has also signed agreements with major companies including Sterlite Technologies to supply green H₂.