InterContinental Energy has announced that it received $115m, including a continued strategic equity investment from institutional investor GIC, and a new equity investment from Hy24.
The funds are expected to be used to to accelerate the deployment of its portfolio of green hydrogen projects, as it continues its development of projects, based in Australia and the Middle East, that provide wind and solar resources enabling cost-competitive green fuels at scale.
Hydrogen reigns as the universe’s most plentiful chemical substance, when used as fuel, its burning process emits no CO2, only yielding water.
Yet, the traditional method of deriving pure hydrogen has been reliant on fossil fuels, ironically producing more waste than simply using these fuels directly.
In contrast, green hydrogen derives from renewable energy sources, devoid of CO2 emissions. According to the International Energy Agency, the appetite for green hydrogen is predicted to surge post-2030.
However, this will necessitate considerable investments in sectors like renewable energy, infrastructure, electrolysis, and the transportation and storage of hydrogen.
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.”
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