Intercontinental Energy has secured a US$115 million (A$180 million) investment from Singapore's sovereign wealth fund and leading hydrogen investor, Hy24.
The funding will expedite the development of one of Australia's largest renewable energy projects, reinforcing the country's position as a global hydrogen exporter.
Quickening pace on renewables
The Australian Renewable Energy Hub (AREH) in Western Australia aims to generate up to 26 gigawatts (GW) of wind and solar power, potentially producing 1.6 million tonnes of green hydrogen or 9 million tonnes of ammonia per year.
Green hydrogen is produced using renewable energy to split water into hydrogen and oxygen.
Last year, BP acquired 40.5% of AREH, part of its strategy to capture a 10% share of the global hydrogen market.
Global and domestic implications
The project is slated to be operational by 2029, with phases planned for 6GW of green hydrogen and 14GW of ammonia exports over the next decade.
Intercontinental Energy chief executive and chairman Alex Tancock emphasised that the investment was pivotal for Australia's national hydrogen strategy.
Major consumers of Australian liquefied natural gas (LNG), such as South Korea and Japan, have set ambitious hydrogen consumption targets, indicating a burgeoning market.