(Bloomberg) -- Singapore’s sovereign wealth fund GIC Pte and green hydrogen fund Hy24 are investing $115 million to take a minority stake in InterContinental Energy, a startup that’s developing projects to produce the carbon-free gas and related chemical products in Australia and Oman.

The capital increase will help accelerate the company’s projects in countries that benefit from competitive solar and wind power, which are key to build large-scale green hydrogen production facilities, GIC, Hy24 and InterContinental said in a joint statement on Tuesday.

InterContinental is developing projects to produce green hydrogen and ammonia in Australia and in Oman with partners such as BP Plc and Shell Plc. Demand for cleaner fuels and fertilizers is expected to soar as the fight against climate change progresses. 

“The aim is to deliver first offtakes before the end of the decade,” Hy24 Chief Executive Officer Pierre-Etienne Franc said in a phone interview on Tuesday. The capital increase will allow InterContinental to fund engineering and design studies, while it will need more funds at a later stage to help finance its shares in the projects, he said. 


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