Porsche invests $75 million in eFuel production company
Porsche announced an investment of $75 million in HIF Global LLC, a Santiago de Chile-based company that is an internationally active project developer of eFuel production facilities. Initiated by Porsche with partners Siemens Energy and ExxonMobil, the production of eFuels from hydrogen and CO2 using wind energy is expected to start there in mid-2022. These electricity-based synthetic fuels will allow combustion engines to be operated in a potentially almost CO2-neutral manner.
Porsche has initial plans to use the eFuel from Chile in motorsport flagship projects. In the future, the sports car producer mentioned the fuels will also be used in the company’s own vehicles with combustion engines during initial fuelling at the factory and at Porsche Experience Centers.
Porsche added with this investment in HIF Global LLC, it will participate in international financing round alongside companies such as Andes Mining & Energy (AME) and the American companies EIG, Baker Hughes Company and Gemstone Investments. Member of the Executive Board for Procurement at Porsche AG Barbara Frenkel said EFuels make an important contribution to climate protection and also will complement the brand's electromobility goal. “By investing in industrial eFuel production, Porsche is further expanding its commitment to sustainable mobility. In total, our investment in the development and provision of this innovative technology amounts to more than USD 100 million," added Frenkel.
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Porsche shared it has been researching the use of renewable fuels for some time. The premium automaker has also been conducting tests in the laboratory and on the race track which are proceeding successfully. Member of the Executive Board for Research and Development at Porsche AG Michael Steiner said, “We see ourselves as pioneers in eFuels and want to drive the technology. This is one building block in our clear, overall sustainability strategy."