Singapore’s sovereign wealth fund GIC (GIC), and InterContinental Energy (ICE), the leading dedicated green fuels company, announce GIC’s strategic equity investment in ICE.
Founded in 2014, ICE is pioneering green hydrogen production at scale through its advanced portfolio of projects in Western Australia, Oman, and Saudi Arabia. Located in coastal deserts, the developments utilise abundant renewable energy from wind and sun to electrolyse water and produce green fuels, such as hydrogen and ammonia.
GIC is supportive of ICE’s global hydrogen vision, one that aligns with GIC’s continuing steps in supporting green innovation and the broader energy transition.
The ICE portfolio consists of 200 gigawatts (GW) of upstream (onshore wind and solar) capacity which will enable the production of more than 14 million tons per annum of green hydrogen or 80 million tons per annum of green ammonia. Key demand sectors include marine fuels, co-firing in power generation, industrial processes, and heavy transport. The ICE portfolio is expected to offset over 200 million tons of carbon dioxide (CO2) per annum and create over 100,000 direct and indirect high-quality jobs. InterContinental Energy also prioritises relationships with local stakeholders, consortium partners, and Traditional Landowners, creating long-term and sustainable socio-economic benefits for all.