Green hydrogen project developer InterContinental Energy (ICE) has raised $115 million from Singapore sovereign wealth fund GIC and clean hydrogen industry-focused investor Hy24.
In an announcement, ICE, which operates out of Singapore, Australia, and the Middle East, said the new funds will go towards accelerating the deployment of its green hydrogen-related projects based on upstream wind and solar energy systems.
The company said its projects are situated in coastal deserts in Australia and the Middle East “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,” it added.
ICE was founded in 2014 and is currently being run by industry veteran Alexander Tancock as CEO and chairman of the board.
GIC is a previous investor in ICE, having invested an undisclosed sum into the company in April last year.
Hy24—a joint venture between European private investment house Ardian and Swiss investment holding company FiveT—is investing from its 2-billion-euro ($2.12 billion) Clean Hydrogen Infrastructure Fund.
“We launched Hy24 to catalyse the development of the hydrogen industry at scale, by investing in hydrogen leaders and entrepreneurs,” said Hy24 CEO Pierre-Etienne Franc.
“In the long term, ICE represents this vision and has the most advanced execution plans for large, competitive renewable power basins. InterContinental Energy, with its existing team and its partnerships with world-class energy players and investors, is set to become a premier player in the new energy system in the making,” he added.