The investment has seen Singapore’s sovereign wealth fund GIC securing a strategic investment in InterContinental Energy (ICE) with the company pioneering green hydrogen production at scale through a portfolio pipeline in Western Australia, Oman, and Saudi Arabia.
Hydrogen production projects could well come to Singapore as a result with the nation now establishing several ties with local regions to support the growing hydrogen economy.
Within the ICE’s portfolio, it consists of a vast array of onshore wind and solar capacity totalling 200GW which could enable production of more than 14 million tonnes of green hydrogen per year.
This could allow Singapore to gain a footing within this hydrogen market and scale technologies associated with it.
Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said, “This is a strategic investment to position GIC early for the emerging hydrogen economy.
“We believe that in time, hydrogen will play a crucial role in decarbonisation globally and that InterContinental Energy will be a key player in this transformation.”
Alexander Tancock, Chief Executive Officer at InterContinental Energy, said, “InterContinental Energy has an ambitious vision, together with our partners, customers, and stakeholders, to deliver green fuels at scale, and we are excited to have GIC on board as an investor, who share the same long-term commitment to global decarbonisation.”
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