InterContinental Energy Expands Green Hydrogen Projects In Australia And The Middle East With USD 115 Million Investment From Hy24 And GIC

Representational image. Credit: Canva

InterContinental Energy, a dedicated proponent of green hydrogen solutions, is poised for significant expansion following a substantial equity investment. This investment, totalling $115 million, includes continued support from GIC, a leading global institutional investor, and a fresh infusion from Hy24, the world’s largest investor focusing on clean hydrogen.


This capital injection is set to expedite the development and implementation of InterContinental Energy’s diverse array of green hydrogen projects, all in alignment with the company’s mission to bolster the green hydrogen sector and drive the widespread adoption of eco-friendly fuels on a large scale.


InterContinental Energy has strategically chosen Australia and the Middle East as locations for its green hydrogen projects. These regions offer exceptional coastal deserts boasting ideal wind and solar resources, making them prime candidates for the production of cost-competitive green fuels destined for both domestic and international markets. These projects, known for their advanced nature, will be executed in several phases, with a collective aspiration of achieving nearly 100 GW of total installed renewable capacity. Initial phases aim to deliver up to 10 GW of capacity by the end of 2030, aligning with the anticipated surge in green hydrogen demand after 2030, as projected by the International Energy Agency.

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GIC’s continued investment underscores its unshakable confidence in the growth trajectory of InterContinental Energy and its project portfolio, further cementing GIC’s role as a strategic investor. In addition, Hy24, leveraging its Clean Hydrogen Infrastructure Fund, brings an influential ecosystem of industrial and financial leaders actively engaged in the entire hydrogen value chain. This dynamic collaboration opens new avenues for InterContinental Energy and its stakeholders.

The green hydrogen sector is rapidly emerging as a pivotal player in the global energy landscape, with market projections indicating the potential to reach an annual production volume of 450 to 600 million tons by 2050. InterContinental Energy’s expansive portfolio firmly establishes it as a major global player, with plans to generate over 5 million tons of green hydrogen annually, effectively offsetting more than 50 million tons of CO2 emissions.

Alex Tancock, Chief Executive Officer and Chairman of the Board for InterContinental Energy expressed his gratitude for GIC’s unwavering support since the onset of their strategic partnership in April 2022. He also emphasized the arrival of Hy24 as a new strategic investor, bringing unparalleled expertise in the hydrogen sector and a critical network of key players across the value chain. This strategic partnership promises to unlock fresh opportunities for InterContinental Energy and its stakeholders.

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Pierre-Etienne Franc, Chief Executive Officer of Hy24, emphasized their mission to drive the hydrogen industry’s development at scale by investing in leading hydrogen pioneers and entrepreneurs. He underscored that InterContinental Energy exemplifies this vision, boasting advanced plans for large, competitive renewable power projects. With its established team and strategic alliances with prominent energy players and investors, InterContinental Energy is poised to become a prominent player in the evolving energy landscape.

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