GIC and Hy24 back InterContinental Energy's green hydrogen deployment
Investors - OCTOBER 3, 2023

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GIC and Hy24 back InterContinental Energy’s green hydrogen deployment

by Kali Persall

GIC and Hy24 have made a $115 million equity investment in InterContinental Energy, a company committed to delivering green hydrogen at scale.

The investment will help accelerate the deployment of InterContinental Energy’s portfolio of green hydrogen projects, propelling the company in its next phase of growth.

InterContinental Energy is developing a portfolio of green hydrogen projects in Australia and the Middle East. The projects will be developed in phases, with an overall goal of nearly 100 gigawatts of total installed renewable capacity — of which up to 10 gigawatts is targeted for delivery in the first phases before the end of 2030.

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

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