InterContinental Energy, a Singapore-based company committed to delivering green hydrogen at scale, has raised $115 million in equity investment.

In a statement on Wednesday, the firm announced its next phase of growth following continued strategic equity investment from GIC, a global institutional investor, and a new investment from Hy24, the world’s largest clean hydrogen pureplay investor.

According to the statement, the injection of new capital will accelerate the deployment of InterContinental Energy’s portfolio of projects and contribute towards the company’s vision to scale up the green hydrogen economy and catalyze large-scale market deployment of green fuels.

It is noted taht 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 Agencyi.

InterContinental Energy opined that this latest series of funding reinforces GIC’s continued confidence in the growth of the firm 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.

It is also noted that 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 million tonnes per year of green hydrogen to help offset more than 50 MTPA of carbon dioxide (CO2).

“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,” said Alex Tancock, Chief Executive Officer and Chairman of the Board for InterContinental Energy.

According to the statement, 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, said that the firm launched Hy24 to catalyze 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,” he said.

Using upstream wind and solar, InterContinental Energy delivers green hydrogen at scale to accelerate the energy transition.

The firm has been pioneering green fuels hubs since 2014 with a portfolio of Tier 1 projects across Australia and the Middle East.

The firm operates in three hubs across Singapore, Australia, and the Middle East.

The Clean H2 Infra Fund is managed by Hy24, a 50/50 joint venture between Ardian, a global private investment house, and FiveT Hydrogen, a clean hydrogen investment platform which enabled the gathering of the two initiatives.

Hy24 is an alternative investment fund manager regulated by the Autorité des marchés financiers. The fund is now up and running with €2 billion ($2.12 billion) of allocations.

GIC is a global investment firm established in 1981 to secure Singapore’s financial future.

As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally.

These include equities, fixed income, real estate, private equity, venture capital and infrastructure.

Headquartered in Singapore, GIC has a global talent force of over 1,900 people in 11 key financial cities and has investments in over 40 countries.

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