Investments in mega-project deployment & US-based electrolyser manufacturing

InterContinental Energy

Singapore’s sovereign wealth fund GIC & international hydrogen investment group Hy24 will invest $115 million into the deployment of InterContinental Energy’s portfolio of mega-projects. The injection of capital will help “accelerate” InterContinental’s progress, with its first 10 GW of capacity (from a pipeline of nearly 100 GW renewable energy generation worldwide) targeted to be online before 2030, producing hydrogen & ammonia at mega-scale.

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.

Alex Tancock, Chief Executive Officer and Chairman of the Board for InterContinental Energy in his organisation’s official press release, 27 Sept 2023

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.

Pierre-Etienne Franc, Chief Executive Officer of Hy24 in InterContinental Energy’s official press release, 27 Sept 2023

GIC announced its first investment in InterContinental in early 2022, and has since announced an investment in Eneus Energy’s global portfolio of projects. Hy24 has its origins in 2021, when a group of US-based investors came together to create the FiveT Hydrogen Fund.

Electric Hydrogen

The US-based organisation announced it has closed a successful, $380 million Series C funding round. The round was led by Fortescue, Fifth Wall and Energy Impact Partners and included new investors bp Ventures, Oman Investment Authority, and Temasek (amongst others). Existing strategic investors in Electric Hydrogen include Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto.

The investments will allow Electric Hydrogen to accelerate plans for the manufacture and deployment of its PEM electrolyser technology, including its 100 MW plant design. This May, the organisation announced it would construct a gigafactory in Massachusetts, with plans to manufacture its first units at the start of 2024. One of the first electrolyser deliveries will be to New Fortress Energy, who are developing a 200 MW electrolysis facility in Texas to feed ammonia production at OCI’s Beaumont plant. Funding round leader Fortescue also signed an agreement for the supply of 1 GW of electrolysers from Electric Hydrogen, to be deployed in Fortescue’s US (and global) projects.

We’ve re-invented electrolyzer technology to make it more efficient and far lower cost. Now we’re scaling up rapidly to produce and assemble large electrolyzer systems for our industrial customers who are leading the shift from grey hydrogen to renewable green hydrogen. We’re driven by our mission to achieve fossil fuel parity for green hydrogen, and this new round of financing gives us everything we need to deliver on the promise of our technology.

Dave Eaglesham, Chief Technology Officer of EH2 in his organisation’s official press release, 3 Oct 2023