Porsche has announced its latest investment on HIF Global LLC – a Santiago de Chile-based holding company of internationally active project developers of synthetic fuel production facilities.
The Haru Oni eFuel pilot plant in Punta Arenas in Chile is one of the initiatives that HIF Global LLC is working on. Production of synthetic fuels (also known as 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 run in a nearly CO2-neutral way, making them as clean as EVs.
The investment in HIF Global LLC isn't the first from Porsche on the subject of synthetic fuels. The German company first announced its interest in eFuels in 2020. With this latest investment, Porsche has already spent nine-digit dollars on the technology.
"EFuels make an important contribution to climate protection and complement our electromobility in a meaningful way. 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," says Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG.
Porsche is joining Chilean company Andes Mining & Energy (AME) and the American companies EIG, Baker Hughes Company, and Gemstone Investments in an international financing round for HIF Global LLC. AME remains the majority shareholder of HIF Global LLC. The additional capital will be used to develop industrial eFuel facilities in Chile, the US, and Australia.
The Stuttgart-based company plans to use the eFuel from Chile in motorsport flagship projects. However, ICE-powered Porsche vehicles will also use them in the future – during initial fueling at the factory and at Porsche Experience Centers.