There was a disagreement between the co-founders. One wanted to use HVDC cable to transmit power, the other wanted to use electrolysis to produce Hydrogen, put that on ships, then burn it in Singapore to produce electricity.
To resolve the dispute, they both agreed to put the project into administration, then both made bids to take full control, with HVDC proponent Mike Cannon-Brooks (co-founder of Atlassian btw) eventually winning control.
I wouldn't be surprised if the Green hydrogen plan eventually makes a come back, as solar power from Northern Australia has a compellingly low LCOE.