InterContinental Energy to accelerate renewables projects with GIC and Hy24 investments

InterContinental Energy, a green hydrogen provider, has announced its next phase of growth following continued strategic equity investment from GIC, a leading global institutional investor, and a new investment from Hy24, the world’s largest clean hydrogen pureplay investor, totalling US$ 115 million in equity investment. The injection of new capital will contribute towards the company’s vision to scale up the green hydrogen economy and catalyse large-scale market deployment of green fuels.

InterContinental Energy is developing a portfolio of green hydrogen projects in Australia and the Middle East, located in exceptional coastal deserts with the best complementary wind and solar resources to deliver cost-competitive green fuels at scale for domestic and export markets. The projects, which are among the most advanced, will be developed in phases, with an overall ambition of nearly 100 GW of total installed renewable capacity. Up to 10 GW of capacity is targeted for delivery in the first phases before the end of 2030, dovetailing with the projected demand for green hydrogen which is expected to ramp up from 2030, according to the International Energy Agency.

This latest series of funding reinforces GIC’s continued confidence in the growth of InterContinental Energy and its portfolio of projects as an existing strategic investor. Hy24, investing through its Clean Hydrogen Infrastructure Fund, brings in a rich ecosystem of leading industrial and financial players in the hydrogen space that are active in the entire value chain, creating new opportunities for InterContinental Energy and its stakeholders.

Green hydrogen is an emerging sector with market sizing potential forecasted to reach between 450 and 600 million tons per annum (MTPA) by 2050. InterContinental Energy’s portfolio of projects is among the largest in the world and is projected to produce more than 5 MTPA of green hydrogen to help offset more than 50 MTPA of CO2.

Alex Tancock, Chief Executive Officer and Chairman of the Board for InterContinental Energy, said: “InterContinental Energy values the continued commitment from GIC since becoming our strategic investor in April 2022, which strengthens our ability to deliver on our green hydrogen vision. Hy24, as a new strategic investor, brings unrivalled industrial and financial knowledge in the hydrogen space as well as its critical network of key players across the value chain, to help unlock new opportunities for InterContinental Energy and all our stakeholders.”

Pierre-Etienne Franc, Chief Executive Officer of Hy24, added: “We launched Hy24 to catalyse the development of the hydrogen industry at scale, by investing in hydrogen leaders and entrepreneurs. In the long-term, InterContinental Energy represents this vision and has the most advanced execution plans for large, competitive renewable power basins. InterContinental Energy, with its existing team, its partnerships with world class energy players and investors, is set to become a premier player in the new energy system in the making.”

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