Hygenco and REC Limited Collaborate on Green Ammonia Project in Odisha

In a significant development for the renewable energy sector, Hygenco Green Energies Pvt Ltd has announced a Memorandum of Understanding (MOU) with REC Limited to finance its Green Ammonia Project in Gopalpur, Odisha. This partnership was formalized during the 4th Global Re-Invest conference held in Gandhinagar, Gujarat, highlighting the growing commitment to sustainable energy solutions in India.

The Green Ammonia Project is a crucial part of Hygenco's broader vision to combat climate change by reducing carbon emissions. Under the terms of the MOU, REC will provide funding of up to $280 million for this ambitious project. Hygenco, on its part, plans to invest approximately $2.5 billion in green hydrogen and green ammonia initiatives across India over the next few years. This substantial investment underscores the company's dedication to advancing clean energy technologies.

Amit Bansal, Co-Founder and CEO of Hygenco, emphasized the company's commitment to energy security and its alignment with the Indian government's vision of 'Aatmanirbhar Bharat,' which translates to self-reliant India. He stated, "Our projects will help reduce carbon emissions and pave the way for a sustainable future." This statement reflects Hygenco's proactive approach to addressing environmental challenges while supporting national goals.

Hygenco has already established itself as a leader in the green hydrogen sector. Earlier this year, the company commissioned India's first commercial green hydrogen plant in Hisar, Haryana. Additionally, in 2022, Hygenco signed India's first-ever long-term offtake agreement for green hydrogen with Jindal Stainless, further solidifying its position in the market. The company has also partnered with major firms, including Sterlite Technologies, to supply green hydrogen, showcasing its collaborative efforts to promote sustainable energy.

The significance of Hygenco's initiatives cannot be overstated. By focusing on decarbonizing industries that are traditionally hard to abate, such as steel and chemicals, Hygenco is making a substantial contribution to India's climate goals. The company's efforts are not only aimed at reducing the carbon footprint but also at creating a sustainable future for generations to come.

Headquartered in Gurgaon, India, Hygenco is dedicated to developing and deploying commercially viable green hydrogen and green ammonia assets. With its expertise in designing, building, and operating green hydrogen projects, the company is well-positioned to lead the charge in India's transition to renewable energy. As Hygenco looks to invest $2.5 billion over the next three years, the potential for growth in the green energy sector appears promising.

The partnership between Hygenco and REC Limited marks a pivotal moment in India's renewable energy landscape. As the world increasingly turns its attention to sustainable practices, initiatives like the Green Ammonia Project will play a vital role in shaping a cleaner, greener future. The commitment to reducing carbon emissions and fostering energy security is not just a corporate responsibility; it is a necessity for the well-being of our planet.