Hydreen, a Luxembourg-based green hydrogen venture and a subsidiary of HLC Holdings, has raised a funding of $2 billion to build green ammonia and green hydrogen facilities in five states. The company has received funding from European Sovereign Funds.
Presently, the construction work for two projects is ongoing in Kerela and Himachal Pradesh. Further, plans are being considered to replicate these projects in five additional states. Each project will have a capacity of 250 MW, and the ammonia produced from these plants is intended for international export.
Additionally, within the next six months, the company is planning to launch two more projects. The initial phases of these four projects are anticipated to be operational by 2024. It could take additional 24 to 36 months to progress to maximum capacity.