Porsche is to invest US$75m in HIF Global, the holding company behind a number of e-fuel development projects. Among other projects, 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, production of e-fuels from hydrogen and CO2 using wind energy is expected to start there in mid-2022.
With its investment in HIF Global, Porsche is participating in an international financing round alongside the Chilean company Andes Mining & Energy (AME) and the American companies EIG, Baker Hughes Company and Gemstone Investments. In total, an amount in the low nine-figure USD range is flowing into HIF Global. The additional capital will be used to develop industrial eFuel facilities in Chile, the USA and Australia, which have large supplies of renewable energy.
“E-fuels make an important contribution to climate protection and complement our electromobility in a meaningful way. By investing in industrial e-fuel 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$100m,” noted Barbara Frenkel, member of the Executive Board for Procurement at Porsche.
Porsche has been researching the use of renewable fuels for some time and notes that tests in both the laboratory and on the racetrack are proceeding successfully. “We see ourselves as pioneers in e-fuels and want to drive the technology. This is one building block in our clear, overall sustainability strategy,” emphasized Michael Steiner, member of the Executive Board for Research and Development at Porsche.
The sports car manufacturer initially plans to use the e-fuel from Chile in motorsport projects. However, in the future, Porsche says it is also conceivable that they will be used to fuel its own vehicles with combustion engines during initial fueling at the factory, and at Porsche Experience Centers.