Porsche invests $75 million in production company eFuel

Porsche’s investment in HIF Global LLC will help the company expand its commitment to sustainable mobility.

By : HT automatic office
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Updated:
09 April 2022, 10:39

Archive photo for representation purposes. (Reuters)

Porsche announced a $75 million investment in HIF Global LLC, a Santiago, Chile-based company that is an international project developer of eFuel production facilities. Initiated by Porsche with its partners Siemens Energy and ExxonMobil, the production of eFuels from hydrogen and CO2 from wind energy should start there in mid-2022. These electricity-based synthetic fuels will enable combustion engines to operate in a potentially nearly CO2-neutral manner.

Porsche initially plans to use eFuel from Chile in flagship motorsport projects. Going forward, the sports car manufacturer has mentioned that the fuels will also be used in the company’s own vehicles with combustion engines during initial factory refueling and at Porsche Experience Centers.

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Porsche added that with this investment in HIF Global LLC, it will participate in an international financing round alongside companies such as Andes Mining & Energy (AME) and US companies EIG, Baker Hughes Company and Gemstone Investments. Barbara Frenkel, Member of the Purchasing Executive Committee of Porsche AG, said that the EFuels make an important contribution to climate protection and will also complement the brand’s electromobility focus. “By investing in the industrial production of eFuel, Porsche is further strengthening its commitment to sustainable mobility. In total, our investment in developing and delivering this innovative technology is over $100 million,” added Frenkel.

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Porsche shared that it has been researching the use of renewable fuels for some time. The premium automaker has also conducted lab and track tests which are going well. Michael Steiner, Member of the Board of Management for Research and Development at Porsche AG, said: “We see ourselves as pioneers of eFuels and want to pilot the technology. It is a basic element of our clear and comprehensive sustainability strategy. »

Date of first publication: April 09, 2022, 10:39 AM IST