Singapore’s InterContinental Energy Attracts $115M Funding from GIC and Hy24

Singapore-based InterContinental Energy has secured $115 million in equity investment to advance its mission of scaling up green hydrogen production. The funding comes from two investors: GIC, a global institutional investor, and Hy24, recognized as the world’s largest clean hydrogen pureplay investor.

This infusion of capital is projected to accelerate further the company’s efforts to expand the production and adoption of green hydrogen, a key player in the global transition towards cleaner and more sustainable energy sources.

The infusion of capital from GIC and Hy24 will be crucial for the company in advancing InterContinental Energy’s green hydrogen projects. It is actively developing a portfolio of green hydrogen initiatives in prime coastal deserts across Australia and the Middle East.

These regions offer optimal conditions with abundant wind and solar resources, enabling the production of cost-effective green fuels at a large scale, both for domestic consumption and export markets.

These projects represent some of the most advanced developments in the green hydrogen sector and are strategically designed to be executed in phases. The ultimate goal is to achieve a total installed renewable capacity of nearly 100 gigawatts (GW). It is expected to help expand the green hydrogen economy and promote widespread adoption of environmentally friendly fuels.

InterContinental Energy has plans to deliver up to 10 gigawatts (GW) of capacity during the initial phases by the close of 2030. With this, the market is expected to gain momentum from 2030, as per the insights from the International Energy Agency.

Hy24’s investment through its Clean Hydrogen Infrastructure Fund injects capital and introduces a valuable network of leading industrial and financial players deeply involved in the entire hydrogen value chain.

“We launched Hy24 to catalyze the development of the hydrogen industry at scale by investing in hydrogen leaders and entrepreneurs,” stated Hy24 CEO Pierre-Etienne Franc.

Green hydrogen is a burgeoning sector with immense potential, anticipated to reach a market size between 450 and 600 million tons per annum (MTPA) by 2050. InterContinental Energy’s expansive portfolio of projects is among the world’s largest. It is anticipated to generate over 5 million tonnes of green hydrogen annually, effectively offsetting more than 50 MTPA of carbon dioxide (CO2).

“In the long run, ICE embodies this vision and possesses the most cutting-edge strategies for establishing substantial and competitive renewable energy hubs. InterContinental Energy, with its current team and its collaborations with top-tier energy leaders and investors, is positioned to emerge as a leading participant in the evolving energy landscape,” affirmed CEO Pierre-Etienne Franc.

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