Incorporated in 2020, Hygenco develops and deploys scaled-up, commercially attractive green hydrogen and green ammonia production assets. It has garnered significant support from key investors who are deeply committed to advancing green hydrogen and green ammonia production on a large scale. One of its primary backers is the Neev II Fund, which is managed by SBICAP Ventures. In an interview with Renewable Watch, Amit Bansal, CEO and co-founder of Hygenco, talks about the company's key product offerings, targets and future plans.

What are the key services offer­ed by Hygen­co, and what are their applications?

Hygenco builds, owns and operates multiple green hydrogen facilities across the country. Stakeholders are seeking co­mmercially viable green hy­dro­gen solutions, and Hygen­co is one of the few companies offering a comprehensive 360-degree techno-commercial perspective. We cater to multiple industries and industrial applications, providing commercially competitive green hydrogen solutions as against various modes of grey hydrogen generation. Hy­genco also specialises in deploying ass­ets for hydrogen-based mobility, offering cost-competitive alternatives for sustainable transportation.

At Hygenco, we have a comprehensive approach to the green hydrogen landscape in India. We not only construct but also own and operate numerous green hydrogen facilities throughout the country. Our unique value proposition lies in our ability to deliver commercially viable green hydrogen solutions. Our commitment to offering commercially competitive green hydrogen solutions is what sets us apart. At Hygenco, we are not just building infrastructure; we are shaping the future of clean energy and transportation in India.

How does the company differentiate itself from its competitors in terms of technology, design and innovation in the green hydrogen and green ammonia industries?

Hygenco is an integrated ind­us­trial gas-to-renewables pla­y­er, which is different from pure-play renewable-cum-en­er­gy storage players, pure-play industrial gas players or pure-play project developers. Through an integrated approach and continuous resear­ch and development (R&D), Hygen­co is able to extract capital expenditure and operational expenditure efficiencies in the green hydrogen and green ammonia plants. In the context of India's green energy landscape, Hygenco stands out as a unique and integrated player in the realm of industrial gases and renewables.

Our distinctiveness lies in our integrated approach, which merges industrial gases and renewable energy seamlessly. This approach is underpinned by our ongoing commitment to R&D. Hygenco is not just about operating within the industry; we are redefining the industry itself through our forward-thinking and synergistic approach.

How does the company approach sustainability in its green hydrogen and green ammonia manufacturing processes?

Hygenco's plants are designed with ambitious sustainability targets. Our primary goal is to responsibly conserve and source water for all our projects. Additio­nally, we ensure that our plants do not cause any additional capacity increases in thermal or nuclear power plants. Our plant designs incorporate an advanced software stack that seamlessly integrates renewable energy with gas production. This innovative approach allows us to efficiently consume renewable power as it is generated, relieving strain on the grid and, in fact, contributing to grid stabilisation.

In contrast, traditional financial arrangements for renewable power often force grid operators to rely more on power from thermal plants, inadvertently exacerbating the carbon footprint. We take pride in the fact that our operations counter this trend, as we do not contribute to any additional capacity expansion among thermal or nuclear power plants. Our commitment to reducing our environmental impact is not only a cornerstone of our operations, but also a testament to our dedication to sustainable energy solutions.

What are the key plans of your company?

Hygenco has plans to commercialise its early pipeline and aims to deploy over $300 million in green hydrogen projects across India in the next three years. With India's green hydrogen mission targeting 5 million tonnes of green hydrogen by 2030, there is an urgent need for affordable and scalable green hydrogen production. Hygenco stands as one of the pioneers in the green hydrogen sector, having deploy­ed India's first truly green hydrogen dem­ons­tration plant in Ujjain, Madhya Pradesh, last year. In 2023, Hygenco is set to become the first company in India to operate a commercial-scale green hydrogen pl­a­nt. We are also collaborating closely with leading industrial giants in sectors such as steel, mining and commercial transportation to support their decarbonisation effor­ts. Hygenco aims to play a pivotal role in India's energy transition journey, reducing fossil fuel imports and contributing to sustainable development goals.

The global green hydrogen industry size was exhibited at USD 3.50 billion in 2023 and is projected to hit around USD 99.09 billion by 2033, growing at a CAGR of 39.7% during the forecast period of 2024 to 2033.

Key Takeaways:

• Europe accounted for a significant revenue share of about 52% in 2023


• The alkaline electrolyzer segment accounted for the largest revenue share of 66.18% in 2023


• The pipeline segment accounted for 62.07% of the revenue share of the green hydrogen market in 2023.


• The transport segment accounted for the largest revenue share of 42.0% in 2023.

Some prominent players operating in the global green hydrogen nclude:

Linde plc.; Air Products Inc.; Air Liquide; Cummins Inc.; Engie; Nel ASA; Siemens Energy; Toshiba Energy Systems & Solutions Corporation; Uniper SE; Bloom Energy