Porsche has announced that it plans to invest more than $102 million in HIF Global LLC, a holding company of internationally active project developers of eFuel production facilities. In return, for the investment, Porsche will acquire a long-term stake in HIF Global LLC.
HIF Global LLC is building, among other projects, 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. These electricity-based synthetic fuels allow combustion engines to be operated in a potentially almost CO2-neutral manner.
The additional capital from Porsche, alongside other investors, will be used by HIF Global LLC to develop industrial eFuel facilities in Chile, the U.S.A and Australia, which have large supplies of renewable energy.
The sports car manufacturer initially plans to use the eFuel from Chile in motorsport flagship projects. In the future, the firm states that it will also explore the use of the fuel to power the company's own vehicles with combustion engines during initial fuelling at the factory, and at Porsche Experience Centers. Porsche's transaction to acquire a stake in HIF Global LLC is subject to approval by the relevant antitrust authorities.
HIF Global LLC is building, among other projects, 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. These electricity-based synthetic fuels allow combustion engines to be operated in a potentially almost CO2-neutral manner.
The additional capital from Porsche, alongside other investors, will be used by HIF Global LLC to develop industrial eFuel facilities in Chile, the U.S.A and Australia, which have large supplies of renewable energy.
The sports car manufacturer initially plans to use the eFuel from Chile in motorsport flagship projects. In the future, the firm states that it will also explore the use of the fuel to power the company's own vehicles with combustion engines during initial fuelling at the factory, and at Porsche Experience Centers. Porsche's transaction to acquire a stake in HIF Global LLC is subject to approval by the relevant antitrust authorities.
