Large-scale clean energy project developer InterContinental Energy, announced today that it received $115 million, including a continued strategic equity investment from institutional investor GIC, and a new equity investment from Hy24.

InterContinental will use the investment to accelerate the deployment of its portfolio of green hydrogen projects. The company is developing projects, based in Australia and the Middle East, and located in coastal deserts that provide wind and solar resources enabling cost-competitive green fuels at scale.

Hydrogen is the most abundant chemical substance in the universe. It can be burned for fuel, producing no CO2, only water. Creating pure hydrogen, however, has historically required the burning of fossil fuels, and ultimately resulted in more waste than just using the fossil fuels for energy. Green hydrogen, however, is made from CO2-free renewable energy. The International Energy Agency expects demand for green hydrogen to ramp up from 2030. But first there must be massive investments in areas including renewable energy capacity, infrastructure, electrolysis, transport and storage. 

In the first phase of its projects, InterContinental aims to deliver up to 10 GW of total installed renewables capacity before the end of 2030 with an overall ambition of nearly 100 GW.

Alex Tancock, Chief Executive Officer and Chairman of the Board for InterContinental Energy, said:  

“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.”  

The market for green hydrogen is forecasted to reach between 450 and 600 million tons per annum (MTPA) by 2050. InterContinental Energy’s portfolio of projects is projected to produce more than 5 MTPA of green hydrogen to help offset more than 50 MTPA of CO2.   

Hy24’s investment is being made from its Clean Hydrogen Infrastructure Fund. Hy24 announced last year that had  raised €2 billion for its hydrogen impact fund, Clean H2 Infra Fund, making it the world’s largest infrastructure fund to exclusively invest in the clean hydrogen value chain.

Pierre-Etienne Franc, Chief Executive Officer of Hy24, said: 

“We 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.”