Singapore green hydrogen player gets $115m

GIC invested an undisclosed sum in the company in April last year. France-based Hy24, a joint venture between Ardian and energy transition platform FiveT Hydrogen, is committing capital via its Clean H2 Infra Fund. Hy24 describes itself as the largest pure-play hydrogen investor globally, having closed the fund last year on EUR 2bn (USD 2.1bn).

InterContinental is developing projects in coastal deserts deemed to have the best complementary wind and solar resources. The goal is to build out about 100 gigawatts of renewable capacity, which will power the electrolysis facilities used to make green hydrogen.

Green hydrogen is defined by this production method, which generally uses 40% less power than conventional means of separating hydrogen from water molecules. The hydrogen market is currently dominated by non-fuel chemical industries but is expected to become more energy-oriented in the coming decades.

“In the long-term, InterContinental Energy represents this vision and has the most advanced execution plans for large, competitive renewable power basins,” Hy24 CEO Pierre-Etienne Franc said in a statement. “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.”

Private equity investment in alternative fuels has as energy transition theses have come into focus. Developed markets have proven the preferred laboratories for project development, with Australasia proving especially attractive in hydrogen. Recent traction in the region includes early-stage rounds for electrolysis developer Hysata and liquefication specialist Fabrum.

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• Topics
• Southeast Asia
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