Porsche invests 75 million USD in eFuels manufacturer

Porsche is investing 75 million US dollars in HIF Global. With this investment, the sports car manufacturer is acquiring a long-term stake in the company, a holding company of internationally active project developers of eFuels production facilities.

Among other things, the Santiago de Chile-based company HIF Global is building the Haru Oni eFuels pilot plant in Punta Arenas (Chile). Initiated by Porsche and implemented with partners such as Siemens Energy and ExxonMobil, production of eFuels made with wind energy from hydrogen and CO₂ is expected to start there from mid-2022. These synthetic fuels enable potentially nearly CO₂-neutral operation of internal combustion engines.

With its investment in HIF Global, Porsche is participating in an international financing round. In addition to the sports car manufacturer, the Chilean company Andes Mining & Energy (AME) and the American companies EIG, Baker Hughes Company and Gemstone Investments are also investing. In total, an amount in the low three-digit million range is flowing into HIF Global. AME remains the majority shareholder of HIF Global. The additional capital will be used to develop industrial eFuels facilities in Chile, the U.S. and Australia. There is a large supply of renewable energy in these locations.

»eFuels make an important contribution to climate protection and complement our electromobility in a meaningful way. By investing in industrial eFuels 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 over 100 million US dollars,« says Barbara Frenkel, Porsche's Executive Vice President Procurement.

eFuels: attractive for automotive, aviation and marine industries

»With its investment in HIF Global LLC, Porsche is investing in an attractive business field. Synthetic fuels are interesting across all transport sectors: for the automotive industry as well as for the aviation and shipping industries. In addition, eMethanol is an important feedstock for other applications. For example, in the chemical industry, where it can replace raw materials of fossil origin. The eMethanol is an intermediate product that is produced during the generation of eFuels,« explains Michael Steiner, Member of the Executive Board for Research and Development at Porsche.

Porsche has been researching the use of renewable fuels for some time now. Tests in the lab and on the racetrack are proving successful: »We see ourselves as pioneers when it comes to eFuels, and we want to drive the technology forward. This is a building block in our clear, overall sustainability strategy,« emphasizes Michael Steiner.

The sports car manufacturer initially wants to use the eFuels from Chile in lighthouse projects in motorsports. In the longer term, it is also conceivable that they will be used in the company's own vehicles with internal combustion engines during initial refueling at the factory and in the Porsche Experience Centers.

Porsche's transaction to acquire the stake in HIF Global is subject to approval by the relevant antitrust authorities.