Singapore’s GIC has taken a strategic stake in InterContinental Energy (ICE), a green fuels company undertaking projects in three countries, including Australia.

Ang Eng Seng, CIO 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.”

Founded in 2014, Hong Kong-based ICE is pioneering green hydrogen production at scale through its portfolio of projects in Western Australia, Oman and Saudi Arabia.

The ICE portfolio consists of 200GW of upstream (onshore wind and solar) capacity.

Alexander Tancock, ICE CEO, 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 shares the same long-term commitment to global decarbonisation.”

Valery Tubbax, ICE chief financial officer, said: “This strategic investment by GIC is testament to its support of the energy transition, and is a key step in finding global climate change solutions, including delivering critical new infrastructure and policies to help hard-to-abate sectors adopt zero-emission fuels – such as green ammonia in shipping.”

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