Singapore’s sovereign wealth fund GIC and InterContinental Energy, the leading dedicated green-fuels company, announce GIC’s strategic equity investment in ICE.
Founded in 2014, ICE is pioneering green-hydrogen production at scale through its advanced portfolio of projects in Western Australia, Oman and Saudi Arabia. Located in coastal deserts, the developments utilize abundant renewable energy from wind and sun to electrolyze water and produce green fuels, such as hydrogen and ammonia.
GIC is supportive of ICE’s global hydrogen vision, one that aligns with GIC’s continuing steps in supporting green innovation and the broader energy transition.
The ICE portfolio consists of 200 gigawatts of upstream (onshore wind and solar) capacity, which will enable production of more than 14 million tons per year of green hydrogen or 80 million tons per year of green ammonia. Key demand sectors include marine fuels, co-firing in power generation, industrial processes