InterContinental Energy

InterContinental Energy Enters Next Growth Phase with Strategic Investments from GIC and 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].

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 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.

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 MTPA of green hydrogen to help offset more than 50 MTPA of CO₂.

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.”

Pierre-Etienne Franc, Chief Executive Officer of Hy24, added: “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.”

Notes to editors

About the global hydrogen market

The green hydrogen demand will see a progressive ramp-up starting from 2030, according to the International Energy Agency (IEA). This demand will primarily come from a variety of hard-to-abate industrial sectors committed to decarbonizing their processes, including power generation, heavy industry, shipping and other forms of transportation, chemicals, and fertilizers, as well as applications for long-term storage. Developing large scale electrolysis projects, with onsite integrated renewables to produce green hydrogen and hydrogen-based commodities like ammonia, in countries with cost competitive resources (e.g. wind, solar), is key to unlocking global renewable energy trade for regional markets. Energy exporters that today have rich renewable resources and are aiming to pivot from economies that rely on fossil fuel exports to a low-carbon economy (e.g. Australia, Canada, Middle East countries) are the exporting archetype for this low-carbon hydrogen, according to International Renewable Energy Agency (IRENA).

[i] ^*Source: International Energy Agency – Global deployment of low-emission hydrogen in the Net Zero Scenario, 2021-2050