InterContinental Energy, a Hong Kong-based green hydrogen developer, has successfully secured $180 million in funding.
The investment comes from two prominent sources in the world of sustainable energy, with Singaporean fund GIC and Hy24, a joint venture between Ardian and FiveT Hydrogen, contributing to the company’s ambitious plans.
This substantial injection of capital is set to accelerate InterContinental Energy’s expansive portfolio of green hydrogen projects, including several major initiatives in Australia. The company’s vision revolves around the generation of renewable and sustainable hydrogen, which plays a pivotal role in the global shift towards clean energy.
InterContinental Energy has set its sights on four colossal hydrogen projects, boasting a combined generation capacity of a staggering 101 gigawatts (GW). This formidable capacity is expected to usher in a new era of clean energy production, with up to 10 GW of it projected to be operational by 2030.
Among these ambitious projects, the Australian Renewable Energy Hub (AREH) stands out as a beacon of innovation. Situated in the Pilbara region, AREH boasts a massive 26 GW capacity and aims to produce a remarkable 1.6 million tonnes of green hydrogen annually. With backing from industry giants like Bp, CWP, and Macquarie Capital, AREH is positioned as one of the most advanced green hydrogen endeavors.
While InterContinental Energy’s efforts are commendable, the road to a fully green future is an arduous one. The International Energy Agency (IEA) has set an ambitious target of 80 million tonnes of green hydrogen production annually by 2050 to achieve net-zero CO2 emissions. Currently, the world operates only 600 MW of hydrogen electrolysers, highlighting the substantial growth needed to meet this goal.