“This is a massively exciting project with world-changing potential,” Cannon-Brookes, a campaigner for clean energy, said in the statement. “If we nail this, we can build a new export industry for Australia, create jobs and set our economy up for the future.”
Grok Ventures, the private investment vehicle of Cannon-Brookes, and Squadron Energy, a natural resources exploration and development company set up by Forrest, were the co-lead investors on the capital raise, according to the statement.
The project could meet around a fifth of Singapore’s energy needs, according to Sun Cable, helping to reduce its reliance on imported liquefied natural gas. The total capital cost is seen in the region of A$20 billion ($18.6 billion), with commercial operations targeted to start in 2027.
Singapore’s utility, SP Group, and its electricity industry regulator, Energy Markets Authority, didn’t immediately respond to emailed requests for comment.
