Hydrogen company InterContinental Energy has received $115 million from investors Hy24 and GIC, which will accelerate the deployment of the company's projects, the expansion of the green hydrogen economy and its use.
InterContinental Energy aims to gradually launch projects for 100 GW of total installed renewable capacity, says the press release Hy24.
It is noted that the company is developing projects in Australia and the Middle East. They are located in coastal deserts with high potential for solar and wind generation.
According to the International Energy Agency, in the first stages until the end of 2030, it is planned to supply capacities of up to 10 GW, which corresponds to the forecasted demand for green hydrogen.
According to forecasts, by 2050 the green hydrogen market will reach 450-600 million tons per year.
The press release emphasized that Hy24's investment brings together a system of leading industrial and financial players in the hydrogen industry, involved in the entire value chain
InterContinental Energy's portfolio of projects is one of the largest in the world and will be able to produce more than 5 million tons of green hydrogen, which will reduce carbon emissions by 50 million tons.
"We launched Hy24 to catalyze the large-scale development of the hydrogen industry by investing in hydrogen leaders and entrepreneurs. Over the long term, InterContinental Energy represents this vision and has the most advanced plans to realize large, competitive renewable energy pools," said Hy24's CEO. Pierre-Etienne Frank.
As EcoPolitic reported earlier, e-fuel production company Elyse Energy concluded a financial agreement with investors Hy24 and Mirova for the production of 1 million tons of electronic methanol and 200,000 tons of environmentally friendly aviation fuel (SAF) per year .
