Neev II Fund is a private equity fund that invests in companies that provide diverse options such as green energy, EV, and effective use of raw materials, in addition to other options.
Hygenco stated that it plans to invest more than $300 million in green hydrogen projects in India within 3 years. The company will make use of the capital it has received to develop its pipeline for commercialization
Hygenco creates and utilizes the production of green ammonia and green hydrogen equipment
Neev II fund has invested $25.4 million in the startup for renewable energy semiconductors Hygenco.
In June 2021, Neev II Fund is a private equity fund. The fund Neev will invest in businesses that offer a variety of solutions, including clean energy electronic vehicles (EV) efficient usage of raw materials, as well as managing circular economy and water initiatives in India.
Neev II and Neev II and Neev I funds are run through SBICAP Ventures. Both funds are supported by local investors SIDBI, SBI Group and the SRI Fund and international investors like SIDBI, the UK Government’s FCDO, Japan International Cooperation Agency (JICA) and the European Investment Bank (EIB).
The Neev Fund I, which was launched in 2015, has backed 10 startups that operate in different areas like green energy Agri Supply Chain, clean energy, and social infrastructure.
“Renewable energies such as green hydrogen are crucial tools in our efforts to fight climate change. It is the case that UK and India have agreed to work together on green hydrogen-related initiatives in the context of our Roadmap 2030 agreement,” said Alex W Elis, British High Commissioner to India. Republic of India.
However at the end of 2020 in 2020 by Amit Bansal Anshul Gupta, Amit Bansal and Aashish Gupta Hygenco provides green hydrogen as well as green ammonia-enabled industrial solutions.
Hygenco stated that it is developing and makes use of green hydrogen as well as green ammonia production facilities. Additionally, the company employs experts from within the company to develop green energy, making gasses and financing for projects on its web site.
“We are set to begin a revolutionary venture that will revolutionize the ways that commercial customers use hydrogen and we will offer 100 percent green hydrogen. We are thrilled to partner in the development of Neev II,” said Amit Bansal, cofounder and the CEO of Hygenco.
Hygenco announced that it intends to invest over $300 million in green hydrogen projects in India over the coming three years. The company will then utilize the new capital to develop its pipeline.
According to the company IndiGov, India’s green-hydrogen mission is to supply 5 million tonnes of sustainable hydrogen production capacity by the year 2030. It will aid in decarbonisation, especially in sectors like steel refining, commercial transportation and refining.
According to a report that was released, the Indian market for hydrogen was estimated at $50 million in 2017. It is predicted to reach a value of $81 million in the industry, and will grow at a rate of 6.3 percent until 2025.
H2E, ReNew Power and NewTrace are just a few of the Indian companies producing hydrogen in India.