Porsche is strengthening its commitment to industrial production of eFuels, investing $75 million in HIF Global LLC. In return, the sports car manufacturer is acquiring a long-term stake in HIF Global LLC, a holding company of internationally active project developers of eFuel production facilities.
Among other projects, the Santiago de Chile-based company is building the Haru Oni eFuel pilot plant in Punta Arenas (Chile). Initiated by Porsche and implemented with partners including Siemens Energy and ExxonMobil, production of eFuels from hydrogen and CO2 using wind energy is expected to start there in mid-2022, the company says. These electricity-based synthetic fuels enable nearly-CO2-neutral operation of combustion engines, the company says.
AME remains the majority shareholder of HIF Global LLC. The additional capital will be used to develop industrial eFuel facilities in Chile, the U.S. and Australia.
“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,” said Michael Steiner, member of the executive board for research and development at Porsche AG.
The sports car manufacturer initially plans to use the eFuel from Chile in motorsport flagship projects. In the future, the company says it is also conceivable that they will be used to fuel the company’s own vehicles with combustion engines during initial fuelling at the factory, and at Porsche Experience Centres.
