Shearman & Sterling LLP

09/27/2023 | Press release | Distributed by Public on 09/27/2023 09:09

InterContinental Energy’s $115 million Series B capital raise

NewsSeptember 27, 2023

InterContinental Energy's $115 million Series B capital raise

Shearman & Sterling advised leading green fuels company InterContinental Energy on its $115 million capital raise. The capital raise involved an increase by Singapore's sovereign wealth fund GIC of its existing investment in InterContinental Energy and a new investment from Hy24, a European clean hydrogen investment fund.

The investment will accelerate the deployment of InterContinental Energy's portfolio of green hydrogen projects (which is among the largest in the world) and contribute towards the company's vision to scale up the green hydrogen economy and catalyze large-scale market deployment of green fuels.

InterContinental Energy is a green hydrogen company operating in three hubs across Singapore, Australia and the Middle East. InterContinental Energy uses upstream wind and solar to deliver green hydrogen at scale to accelerate the energy transition.

GIC is a leading global investment firm headquartered in Singapore. As the manager of Singapore's foreign reserves, GIC invests across a wide range of asset classes globally and has investments in over 40 countries.

Hy24 is a joint venture between Ardian, a leading private investment house and FiveT Hydrogen, a clean hydrogen investment platform. Hy24 manages the Clean H2 Infra Fund which is the world's largest clean hydrogen infrastructure fund.

The Team