GIC invests in InterContinental Energy again, Hy24 joins too

Green hydrogen projects developer InterContinental Energy has received a USD-115-million (EUR 109m) injection from Singapore’s sovereign wealth fund GIC and clean hydrogen pureplay investor Hy24 to support its entry into the next growth phase.

The transaction is subject to the required regulatory approvals and, according to a Bloomberg report, will provide the investors with a minority shareholding.

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“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,” Alex Tancock, CEO and chairman of the board for InterContinental Energy, said in a statement.

The company is developing a portfolio of green hydrogen projects in Australia and the Middle East, with the goal of achieving nearly 100 GW of total installed renewables capacity, including up to 10 GW by the end of 2030. The portfolio is considered to be one of the largest in the world and is projected to produce more than 5 million tonnes of green hydrogen per year. It includes an interest in the massive Australian Renewable Energy Hub (AREH) project in Western Australia that is also backed by BP Plc.

Pierre-Etienne Franc, CEO of Hy24, noted that InterContinental Energy “has the most advanced execution plans for large, competitive renewable power basins.”

(USD 1.0 = EUR 0.946)