Neev II, a climate and sustainability-focused SME fund, has announced an undisclosed investment in Hygenco Green Energies. Sbicap Ventures manages the Neev II Fund, which is backed by the UK government. The announcement came during a two-day visit to India by UK Foreign Secretary James Cleverly.
The fund kept the amount undisclosed. However, according to the British government official website, Hygenco received funding of about Rs 210 crore. According to the clean startup, it plans to deploy the fresh fund of over $300 million from investors in green hydrogen projects across India and further aims to use the fund to commercialise its early pipeline.
In January, the SME fund also invested an undisclosed sum in GPS Renewables, a bioenergy technology and project integration company. Neev Fund has received approximately Rs 1,500 crore, out of a total of Rs 2,000 crore, to invest in climate action, sustainability, and social impact businesses. The trust The fund’s final close is expected later this year, and more new investors are expected to join.
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