Low-carbon hydrogen fund manager Hy24 has backed developer InterContinental Energy in a $115m equity investment round.
Hy24 is investing in the Singapore-headquartered firm in the round with Singaporean sovereign wealth investor GIC, which first invested in InterContinental in early 2022. InterContinental will use the funds to support its development plans in Australia and the Middle East.
The World Bank has predicted that conflict in the Middle East could lead to a dramatic spike in oil prices, which is linked to increases in food prices - however it's argued that the forecasts do not take into account the ability of energy storage to meet demand
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