REC commits $280 mn to Hygenco’s green ammonia project

Green hydrogen producer Hygenco has announced a new partnership with REC Limited to fund its Green Ammonia Project in Gopalpur, Odisha. REC Limited, which is a government-backed company in the power sector, has agreed to provide up to $280 million for this project. This money will help Hygenco in making its green ammonia project a success.

Hygenco is a company that creates and uses green hydrogen and ammonia systems for industries and transportation. Their systems are important for big industries, land and sea transport, and even personal vehicles. One of their major accomplishments is “Project Steel One.” This project is India’s first-ever large-scale green hydrogen plant. It’s a big step for India in the green energy field.

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The company is based in Haryana and is planning to raise about $400 million by the end of this year. However, Hygenco has not shared how much of the company they plan to sell to investors to raise this money.

Green hydrogen is seen as an important solution to help reduce pollution and fight climate change. With the help of REC Limited, Hygenco is now ready to move forward with its green ammonia project in Odisha, which is expected to contribute to a cleaner and more sustainable future.