Porsche to invest US$75-M in eFuel manufacturer HIF Global LLC

MANILA: Porsche will invest US$75 million in HIF Global LLC in exchange for a long-term share in the holding company for multinational project developers of eFuel production plants. The Haru Oni eFuel pilot plant in Punta Arenas, Chile is one of the initiatives that the Santiago de Chile-based company is working on. Development of eFuels from hydrogen and CO2 using wind energy is projected to begin in mid-2022, thanks to Porsche's initiative and collaboration with Siemens Energy and ExxonMobil. These electricity-based synthetic fuels allow combustion engines to operate near-CO2-neutrally.

Porsche has invested in HIF Global LLC, together with Chilean company Andes Mining & Energy (AME) and American companies EIG, Baker Hughes Company, and Gemstone Investments, in an international financing round. The additional funding will be utilized to establish industrial eFuel facilities in Chile, the United States, and Australia, which have considerable supplies of renewable energy. AME remains the major stakeholder of HIF Global LLC.

In a statement, Porsche AG Executive Board for Research and Development Member Michael Steiner said, “Porsche is investing in an attractive business area with its stake in HIF Global LLC. Synthetic fuels offer attractive prospects across transportation sectors, from the automotive industry to the aviation and shipping sectors. In addition, e-methanol is an important raw material for other applications, such as in the chemical industry, where it can replace raw materials of fossil origin. E-methanol is an intermediate product that is produced during the generation of eFuel.”

Porsche has been looking into the usage of renewable fuels for a while now. The tests in the lab and on the race track are both going well. “We see ourselves as pioneers in eFuels and want to drive the technology. This is one building block in our clear, overall sustainability strategy,” Steiner added.

Initially, the sports car manufacturer intends to use the Chilean eFuel in motorsport flagship projects. It is also possible that they will be utilized to power Porsche's own combustion engines during initial fueling at the factory and at Porsche Experience Centers in the future. The acquisition of a stake in HIF Global LLC by Porsche is pending approval by the relevant antitrust authorities.

Photos from Porsche

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