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Porsche invests $75 million in an e-fuel company

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

Via : Automatic table HT
Update on:
April 9, 2022, 10:39 am

Image file for representational purposes only.  (REUTERS)
Image file for representational purposes only. (REUTERS)

Porsche has announced a $75 million investment in HIF Global LLC, a Santiago de Chile-based company that is the developer of the project to operate internationally on eFuel production facilities. Initiated by Porsche with partners Siemens Energy and ExxonMobil, the production of e-fuels from hydrogen and CO2 using wind energy is expected to begin in mid-2022. Electricity-based fusion fuels This will allow combustion engines to operate in a near-CO2-free manner.

Porsche plans to initially use the eFuel from Chile in its flagship motorsport projects. In the future, the sports car manufacturer has mentioned that the fuel will also be used in its own internal combustion engine vehicles during initial refueling at the plant and at Porsche Experience Centers.

(Also read | Porsche, holoride launch in-car virtual reality on the move)

Porsche added that with this investment in HIF Global LLC, it will participate in an international funding round alongside companies such as Andes Mining & Energy (AME) and US companies EIG, Baker Hughes Company and Gemstone Investments. Members of the Operating Department of shopping at Porsche AG Barbara Frenkel says EFuels makes an important contribution to climate protection and will also complement the brand’s electromechanical goals. “By investing in industrial e-fuel production, Porsche is further extending its commitment to sustainable mobility. In total, our investment in developing and delivering this cutting-edge technology amounts to more than $100 million,” added Frenkel.

(Also read | Porsche 911EV could use solid-state batteries, likely to launch in 2030: Report)

Porsche says it has been researching the use of renewable fuels for some time. The premium carmaker has also conducted laboratory and on-track tests which are taking place successfully. Research and Development Executive Board member at Porsche AG Michael Steiner says, “We consider ourselves pioneers in eFuels and want to advance technology. This is a building block of our overall, unambiguous sustainability strategy. “

Date of first publication: April 9, 2022, 10:39 AM IST

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