JICA facilitated the collaboration between Mitsubishi Power and Hygenco for Green Hydrogen Innovation in India

New Delhi, 07 August 2024: Japan International Cooperation Agency (JICA) today welcomed a strategic collaboration between Mitsubishi Power and Hygenco Green Energies through a Memorandum of Understanding (MOU) to seek the possibility to deliver green hydrogen/ammonia-fired gas turbine combined cycle (GTCC) power plants. This collaboration, facilitated by JICA India Office, aims to provide these integrated solutions in India and internationally.

This collaboration aligns with India’s ambitious National Green Hydrogen Mission. Hygenco will supply green fuel for Mitsubishi Power’s GTCC technology to the potential Customers. The company will develop and deploy scaled-up, commercially viable green hydrogen and green ammonia production assets on a build-own-operate or gas-as-a-service basis. Mitsubishi Power is developing hydrogen and ammonia firing technologies to decarbonize existing GTCC plants by converting their fuel from natural gas to hydrogen/ammonia. The company has been involved in multiple projects worldwide.

JICA invested the NEEV II Fund, whose fund manager is SBI Ventures Limited (SVL) as a limited partner in December 2021 and Neev II Fund subsequently invested Hygenco in October 2022.

Speaking of this occasion, Mr. SAITO Mitsunori, Chief Representative, JICA India, stated, "JICA is committed to supporting the development of green hydrogen technologies. This collaboration between Hygenco and MHI exemplifies the international cooperation needed to address climate change and promote sustainable growth. JICA will continuously support this collaboration and looking forward to delivering the impact brought JICA - Neev Fund co-creation platform”.

“The collaboration will synergize Hygenco’s green fuel supply with Mitsubishi’s technology in India and globally, embodying the spirit of Vasudhaiva Kutumbakam – the world is one family” stated Mr. Amit Bansal, CEO, Hygenco Green Energies.“We are excited to leverage our expertise in green hydrogen and ammonia to support the decarbonization of power generation and contribute to a sustainable energy future.”

“We believe this collaboration will pave the way for innovative and sustainable energy solutions,” said Mr. Prem Prabhakar, MD&CEO, SBI Ventures Limited – that manages NEEV II Fund which is an investor in Hygenco. “Investing in green hydrogen and ammonia production is crucial for India's energy security, energy transition, and environmental goals.”

Mitsubishi Power is developing hydrogen and ammonia firing technologies to decarbonize existing GTCC plants by converting their fuel from natural gas to hydrogen/ammonia. The company has been involved in multiple projects worldwide.

About Hygenco Green Energies
Hygenco Green Energies is a leading developer of green hydrogen and green ammonia projects. The company focuses on providing sustainable and commercially viable green fuel solutions to various industries, contributing to the global energy transition.

About Mitsubishi Heavy Industries
Mitsubishi Heavy Industries, Ltd. (MHI) is a global leader in engineering and manufacturing. MHI provides innovative solutions across various sectors, including energy, aerospace, and machinery etc. Mitsubishi Power, a subsidiary of MHI, specializes in power generation technologies and is at the forefront of hydrogen-firing technology development.

About JICA
Established, by a specific law, as an incorporated administrative institution under the Government of Japan, the Japan International Cooperation Agency (JICA) aims to contribute to the promotion of international cooperation, as a sole Japanese governmental agency in charge of ODA implementation. JICA is the world's largest bilateral donor agency. JICA works as a bridge between Japan and emerging countries, and provides assistance in forms of loan, grant and technical cooperation so that the emerging countries can strengthen their capabilities.