For the first time, green hydrogen investment in 2025 is moving from speculative pilot projects to full-scale industrial reality. In Europe, several megawatt-scale green hydrogen plants will come online this year, marking a shift from research to infrastructure. This milestone transforms hydrogen from a clean tech curiosity into a commercially viable energy pillar—and signals a window of opportunity for emerging markets. At Keev Capital, this development validates the thesis behind our upcoming $250M India Green Opportunities Fund, aimed at replicating similar cost-curves across the subcontinent.
Europe’s Lead Shows What Happens After Critical Mass
Europe’s green hydrogen ecosystem is evolving fast. Projects like the Norway-based Herøya plant and Spain’s Puertollano facility are not only operational but are actively selling hydrogen into energy and industrial markets. According to BloombergNEF, production costs have dropped by over 60% since 2020, and this trend is expected to continue as electrolysis tech scales. The experience offers a roadmap: once policy support aligns with capex deployment and demand contracts, green hydrogen can economically displace fossil-based fuels.
India’s Renewable Backbone Is a Launchpad for Hydrogen
India already boasts one of the world’s most aggressive solar buildouts. With solar tariffs as low as ₹2/kWh and wind resources increasingly tapped, India is positioned to become a global green hydrogen leader. Keev Capital sees clear parallels between Europe’s hydrogen evolution and India’s renewable capacity trajectory. Our interest in environmental technologies focuses on platforms that tie clean power sources with hydrogen electrolysis, ammonia conversion, or industrial gas integration—all crucial to India’s net-zero ambition.
Timing the Curve: Why 2025 Matters More Than 2030
While most policy frameworks speak about 2030 targets, the real economic inflection occurs in 2025. According to the IEA, nearly 75% of all green hydrogen capacity in development is slated for activation by the end of 2025. This means project finance, electrolyzer procurement, and technology selection are being finalized now. Keev’s investment thesis isn’t to wait for market certainty, but to catalyze it. This is why our India Green Opportunities Fund will prioritize ventures ready to capitalize on first-mover advantages in production, logistics, and conversion.
From Policy to Procurement: What India Must Learn Fast
To stay competitive, India must build more than a generation. It must also develop offtake agreements, hydrogen hubs, and incentives that derisk early-stage projects. Keev actively monitors founders and operators who engage in public-private partnerships, grid integration strategies, and modular plant design. Our environmental tech pipeline includes hydrogen startups that already collaborate with fertilizer companies, refinery operators, and steel producers. As Europe shows, real scale is achieved when hydrogen use-cases are embedded across sectors—not isolated in energy silos.
Keev’s Diligence Framework for Green Hydrogen Startups
We evaluate green hydrogen ventures through five core lenses:
- Is renewable electricity secured long-term at below-market rates?
- What is the electrolyzer tech stack and its CAPEX/OPEX sensitivity?
- Are offtake agreements in place with creditworthy buyers?
- Does the company have regulatory visibility and grid access?
- Can it deliver meaningful carbon abatement per kg of hydrogen?
This framework helps us identify credible startups capable of scaling with purpose and speed, while navigating India’s unique regulatory and market conditions.
Conclusion: Green Hydrogen Is No Longer Theoretical—It’s Investable
As green hydrogen finally enters industrial scale in Europe, the rest of the world must accelerate its response. India, with its renewable backbone and growing industrial demand, is uniquely positioned to capitalize. The key is timing, not just technology. And the time is now. Keev Capital believes that by acting early, we can support founders who will define India’s hydrogen economy for decades to come.
Our $250M India Green Opportunities Fund is purpose-built for this moment. We are looking for visionaries who understand the physics, the finance, and the future of hydrogen. If you are building a scalable, sustainable business at the edge of India’s energy transition, we invite you to connect with our investment team. This is not just a fund. It’s a bet on the kind of future the planet needs—and the kind of innovators India can deliver.
