Hy24 invests in InterContinental Energy’s portfolio of green hydrogen projects

Hy24, the world’s largest clean hydrogen fund, has made a new investment in InterContinental Energy, a company developing large-scale green hydrogen projects, to accelerate the deployment of the company’s portfolio of projects and contribute towards its vision to scale the green hydrogen economy and catalyze large-scale market deployment of green fuels.

With the new investment from Hy24 and continued strategic equity investment from GIC, a global institutional investor, InterContinental Energy enters its next phase of growth with a total of $115 million in equity investment.

The company is developing a portfolio of green hydrogen projects in Australia and the Middle East, located in coastal deserts with complementary wind and solar resources to deliver cost-competitive green fuels at scale for domestic and export markets.

One of the projects is being developed in Oman by a consortium comprising Oman Shell, OQ, EnerTech, Intercontinental Energy, and Golden Wellspring Wealth for Trading.

The projects 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 – aligning with the projected demand for green hydrogen which is expected to ramp up from 2030, according to the International Energy Agency (IEA).

“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,” InterContinental Energy stated.

The company claims its portfolio of projects is among the largest in the world and is projected to produce more than 5 million tons per annum (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.”

Hy24 was launched in 2021 by its founding anchor investors Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries, and Baker Hughes.

In October 2022, Hy24 announced the closing of its first hydrogen impact fund – Clean H2 Infra Fund – at €2 billion of allocations, exceeding its initial ambitions.

The fund and Mirova, an affiliate of Natixis Investment Managers, recently signed a financing agreement with e-fuels company Elyse Energy to support the development of the latter’s e-methanol and sustainable aviation fuels (SAF) projects in France and Spain.