Hygenco Signs MoU with Al Jomaih Energy and Water Embark for Jointly Exploring Green Hydrogen Projects in KSA
The MoU was signed at the India-Saudi Investment Forum 2023, which was organised by the Department for Promotion of Industry and Internal Trade, the Ministry of Commerce and Industry of India, and the Saudi Ministry of Investment, on the sidelines of Saudi Crown Prince Mohammed Bin Salman Abdulazziz Al-Saud’s official visit to India.
September 15, 2023. By Nivedita Ojha
The MoU was signed at the recently concluded India-Saudi Investment Forum 2023, which was organised by the Department for Promotion of Industry and Internal Trade, the Ministry of Commerce and Industry of India, and the Saudi Ministry of Investment, on the sidelines of Saudi Crown Prince Mohammed Bin Salman Abdulazziz Al-Saud’s official visit to India.
Amit Bansal, CEO of Hygenco, said “The signing of the MoU with AEW demonstrates our capabilities to provide affordable and scalable distributed Green Hydrogen solutions in the Middle East and facilitate their energy transition through a more sustainable future,” He added this is Hygenco’s first foray into global markets and the company is aiming to rapidly scale up green hydrogen assets, as part of its planned investments of over $300 million in the next few years.
Hygenco Green Energies Pvt Ltd, which kickstarted the market by signing India’s first long-term off-take agreement last year with Jindal Stainless Ltd, is engaged in Build-Own-Operate Green Hydrogen facility. The company is aiming to have the first multi-megawatt scale plant operational by the end of 2023. It also has deep capabilities in designing, building, and operating Green Hydrogen projects.
Hygenco is constructing few more Green Hydrogen facilities under firm off-take agreements that are expected to be operational in later half of 2024.
Hygenco is a global pioneer deploying Green Hydrogen and Green Ammonia-powered industry solutions. Hygenco develops and deploys scaled up commercially attractive Green Hydrogen and Green Ammonia asset.
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