Singapore sovereign wealth fund GIC and hydrogen infrastructure fund manager Hy24 have made a $115m (€109m) equity investment in InterContinental Energy (ICE) to help scale the business.

GIC first invested in ICE in early 2022. Hy24, as a new investor, is providing capital from its clean hydrogen infrastructure fund.

ICE said the capital injection from the two firms will help accelerate the deployment of its portfolio of hydrogen projects.

ICE is developing a portfolio of green hydrogen projects in Australia and the Middle East. The projects will be developed in phases, with an overall plan of nearly 100GW of total installed renewable capacity.

The company said up to 10GW of capacity is targeted for delivery in the first phases before the end of 2030.

Alex Tancock, CEO and chairman of the board for InterContinental Energy, said: “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 unrivaled 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.”

Pierre-Etienne Franc, CEO of Hy24, said: “We launched Hy24 to catalyse 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.”

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