InterContinental Energy Growth Phase with Strategic Investments

InterContinental Energy Enters Next Growth Phase with Strategic Investments from GIC and Hy24 – Hy24

Singapore/Paris – September 26, 2023 – InterContinental Energy, a company committed to delivering green hydrogen at scale, today announces its next phase of growth following continued strategic equity investment from GIC, a leading global institutional investor, and a new investment from Hy24, the world’s largest clean hydrogen pureplay investor, totaling USD 115 million in equity investment. 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.

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 Agency[i].