A Singapore-based company called InterContinental Energy has raised $115 million in equity investment in its mission to deliver green hydrogen at scale.
Following a new investment from Hy24, the largest clean hydrogen pureplay investor in the world, and continued strategic equity investment from GIC, a global institutional investor, the company announced its next phase of growth.
The company’s vision is to scale up the green hydrogen economy and accelerate the market deployment of green fuels, and the statement claims that the new capital infusion will hasten the deployment of InterContinental Energy’s portfolio of projects.
In order to deliver cost-effective green fuels at scale for domestic and international markets, it is noted that InterContinental Energy is developing a portfolio of green hydrogen projects in Australia and the Middle East. These projects are situated in exceptional coastal deserts with the best complementary wind and solar resources.
The projects, which are among the most advanced, will be built out in stages with the ultimate goal of installing close to 100 GW of renewable energy.
Up to 10 GW of capacity is intended to be delivered in the initial stages before the end of 2030, aligning with the anticipated demand for green hydrogen, which the International Energy Agency projects will increase starting in 2030.
According to InterContinental Energy, this most recent round of funding confirms GIC’s ongoing faith in the company’s expansion and its project portfolio as an established strategic investor.
Hy24 brings in a thriving ecosystem of top industrial and financial players in the hydrogen space through its Clean Hydrogen Infrastructure Fund investments, active along the entire value chain and opening up new opportunities for InterContinental Energy and its stakeholders.
Moreover, it should be noted that the market for green hydrogen is expected to grow to between 450 and 600 million tons per year (MTPA) by 2050.
One of the largest project portfolios in the world, InterContinental Energy expects its projects to produce more than 5 million tonnes of green hydrogen annually, helping to offset more than 50 MTPA of carbon dioxide (CO2).
