The company's Green Ammonia Project is part of its broader vision to reduce carbon emissions. Under the MoU, REC will fund up to US$280 million for the project, even as Hygenco is planning to invest about US$2.5billion towards its green hydrogen 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."
In March 2024, Hygenco commissioned India's first commercial green hydrogen plant in Hisar, Haryana. In 2022, Hygenco had signed India's first-ever commercial long-term offtake agreement of green hydrogen for the Hisar-based project with Jindal Stainless. The developer has also signed agreements with companies including Sterlite Technologies to supply green hydrogen.
