Porsche is investing US$75 million to acquire a 12.5% holding in HIF Global LLC as project developers of “eFuel” production facilities, with industrial production facilities planned in Australia, Chile and the US.
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, where production of eFuels from hydrogen and CO₂ using wind energy is expected to start mid-2022.
These electricity-based synthetic fuels allow combustion engines to be operated in a potentially almost CO₂-neutral manner, Porsche says.
With its investment in HIF Global LLC, Porsche is participating in an international financing round alongside the Chilean company Andes Mining & Energy (AME) and American companies EIG, Baker Hughes Company and Gemstone Investments.
The additional capital will be used to develop industrial eFuel facilities in Chile, the US and Australia, which have large supplies of renewable energy.
Porsche says eFuels are of interest for the automotive, aviation and shipping industries.
“EFuels make an important contribution to climate protection and complement our electromobility in a meaningful way,” says Porsche AG procurement executive board member Barbara Frenkel.
“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 US$100 million.”
Porsche AG research and development executive board member Michael Steiner adds: “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.”
The brand has been researching renewable fuels use for some time.
“We see ourselves as pioneers in eFuels and want to drive the technology. This is one building block in our clear, overall sustainability strategy,” says Steiner.
The sports car manufacturer initially plans to use the eFuel from Chile in motorsport flagship projects. In the future, 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.
Porsche’s transaction to acquire a stake in HIF Global LLC is subject to approval by the relevant antitrust authorities.
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