For the past six weeks, IGE has been facing a bid by Queensland-based investor DD Investment to have liquidators appointed due to its failure to repay a debt. IGE’s chief, Stephen Gauld, tried to prevent this bid by suggesting he could obtain $5 million from Premier Roger Cook to service the debt. However, Cook denied having a personal relationship with Gauld and stated that the release of funds would be subject to strict oversight. DD Investment expressed concerns about IGE’s financial health and ability to recover the debt, submitting correspondence from Deutsche Bank’s anti-financial crime department that questioned the authenticity of bank transfer documents sent by IGE.
IGE, formerly known as Infinite Blue Energy, was founded in 2018 and has been involved in various projects in Western Australia. These projects include a small-scale hydrogen production facility in Northam and a wind and solar-powered production facility near Dongara. Despite attracting high-profile investors and government support, IGE has faced challenges in obtaining approvals for its projects, such as the Northam hydrogen project. The company also faced difficulties with a commercial-scale hydrogen plant project in central Italy. Notably, IGE received a $5 million grant from the WA government to support its development efforts.
The collapse of IGE has raised questions about the due diligence process undertaken by the Department of Jobs, Tourism, Science, and Innovation before recommending the grant to the WA government. Nationals MP Lachlan Hunter questioned Cook in parliament about the government’s support for IGE and the subsequent collapse of the company. Cook defended the government’s decision, emphasizing the potential benefits of supporting renewable energy initiatives in the state. He noted that the grant provided to IGE was only a fraction of the total amount requested and that the government was not exposed to further financial risks due to oversight.
Despite the challenges faced by IGE, the company has put forth a revival plan to address its financial difficulties. The implications of this plan on the ongoing court dispute between DD Investment, IGE, and its administrators remain unclear. The case is set to return to court for further proceedings. Coleman, the administrator appointed to oversee IGE’s affairs, could not be reached for comment. The situation underscores the complexities and risks associated with investments in the energy sector, particularly in the context of emerging technologies such as hydrogen production. The outcome of the court case and the future of IGE will be closely monitored by stakeholders and industry observers.
