HYDGEN Raises $5 Mn To Scale Green Hydrogen Production

Deeptech startup HYDGEN has secured $5 Mn (around INR 44 Cr) in a mix of  equity and debt in a funding round led by Transition VC. The round also saw participation from Cloudberry Pioneer Investments (Europe), Moringa Ventures (Singapore), and several family offices based out of India and Singapore.

The fresh capital will be deployed to automate and upgrade its manufacturing infrastructure, scale electrolyser stack output from the current 1–100 kW to 250 kW and drive global expansion, with immediate plans to boost production capacity in Mangalore. Besides, the startup, which is currently operating in India and Southeast Asia, also plans to expand its operations across Japan, Europe, and the Middle East.

Founded in 2024 by Manipaddy Krishna Kumar (COO) and Goutam Kumar Dalapati (CTO), HYDGEN is a Singapore-based startup that builds on-site hydrogen generators that turn water and electricity into high-purity hydrogen.

This industrial-scale hydrogen generation is done using its proprietary Anion Exchange Membrane (AEM) electrolysers. Instead of transporting hydrogen from large plants, their machines let factories and industrial users produce it directly where it’s needed — cutting costs, waste and emissions. 

HYDGEN’s flagship offering is its proprietary AEM electrolyser systems, available in modular formats (1 kW to 100 kW, with a 250 kW stack under development). These systems enable industrial clients to produce hydrogen on-demand, on-site, and at a lower cost than conventional solutions.

The startup serves sectors like chemicals, metals, cement, and mobility, offering cleaner and more efficient hydrogen production on demand. This allows clients to transition from grey hydrogen to green hydrogen without overhauling their existing supply chains.

In the electrolyser technology space, HYDGEN competes with Newtrace and Ohmium International, while major conglomerates like Adani Group, Reliance Industries, and L&T Electrolysers are also aiming to build green hydrogen electrolysers.

The funding aligns with the broader push toward achieving net-zero emissions by 2050. In 2023, the Indian government approved the INR 19,744 Cr National Green Hydrogen Mission, aiming to develop the capacity to produce at least 5 Mn metric tonnes (MMT) of green hydrogen annually by 2030. One of the mission’s core objectives is to replace grey hydrogen with green hydrogen across industries. 

Earlier this year, renewable energy minister Pralhad Joshi announced a INR 100 Cr R&D scheme to back “innovative” green hydrogen startups.

As a result of all these efforts, the Indian green hydrogen market is projected to reach $9–34 Bn by 2030, supported by an expected CAGR of 20%–39.5% by 2033.