InterContinental Energy, a company committed to delivering green hydrogen at scale, is ramping up its next phase of growth following a US$115 million strategic equity investment from Singapore’s wealth fund GIC and Hy24, the world’s largest clean hydrogen pureplay investor.

InterContinental 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.

The addition of new capital from GIC and Hy24 will accelerate the deployment of InterContinental’s portfolio of projects and contribute towards the company’s target to scale up the green hydrogen economy and accelerate large-scale market deployment of green fuels.

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’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 of carbon dioxide.

This latest series of funding, the companies say, reinforces GIC’s continued confidence in the growth of InterContinental and its portfolio of projects as an existing strategic investor.

GIC has been aggressively building its green energy portfolio and, in March this year, committed to investing US$1.05 billion for a stake of about 5% in EDP Renovaveis, one of the world’s largest renewable energy producers.