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InterContinental Energy receives $115-MM investment to scale up green H2 economy

InterContinental Energy announced its next phase of growth following continued strategic equity investment from GIC and a new investment from Hy24, totaling $115 MM in equity investment. The injection of new capital will accelerate the deployment of InterContinental Energy’s portfolio of projects and contribute toward the company’s vision to scale up the green H2 economy and catalyze large-scale market deployment of green fuels.

InterContinental Energy is developing a portfolio of green H2 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 H2 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 H2 Infrastructure Fund, brings in a rich ecosystem of leading industrial and financial players in the H2 space that are active in the entire value chain, creating new opportunities for InterContinental Energy and its stakeholders.

Green H2 is an emerging sector with market sizing potential forecasted to reach between 450 MMtpy and 600 MMtpy by 2050. InterContinental Energy’s portfolio of projects is among the largest in the world and is projected to produce more than 5 MMtpy of green H2 to help offset more than 50 MMtpy of CO2.