HIF Global has secured around US$ 260 million in equity investments to fund the global expansion of its decarbonisation business.
The capital will be used to develop carbon-neutral eFuels projects in the US, Chile and Australia that will supply ships, cars, trucks, and aeroplanes with renewable energy.
The equity investors include funds managed by globally recognised companies Porsche AG, EIG, AME, Baker Hughes, and Gemstone Investments. AME will remain the majority shareholder.
Porsche is investing $75 million in HIF Global LLC in return to acquire a long-term stake in HIF Global LLC. Dr Michael Steiner, Executive Board Member of Porsche AG, and R. Blair Thomas, EIG’s Chairman and CEO, will join HIF Global´s Board of Directors.
The Haru Oni eFuel pilot plant in Punta Arenas (Chile) was initiated by Porsche and implemented with partners including Siemens Energy and ExxonMobil to produce eFuels from hydrogen and CO2 using wind energy is expected to start there in mid-2022. These electricity-based synthetic fuels enable nearly-CO2-neutral operation of combustion engines.
eFuels is produced from green hydrogen and recycled CO2 and provide a real decarbonisation solution for cars, ships, and planes that are in use today without any modification to existing engines.
César Norton, President and CEO of HIF Global, said, “Our vision is to capture more than 25 million tons per year of CO2 from the atmosphere, produce approximately 150,000 barrels per day of eFuels, and make more than 5 million cars carbon-neutral.”
Meg Gentle, Executive Director of HIF Global, commented, “Expanding on the success of our pioneering Haru Oni project in Magallanes, Chile, we expect to begin construction of HIF’s first commercial scale eFuels plant in the United States in 2023, followed quickly by similar facilities in Chile and Australia in 2024.”
Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG, noted, “In total, our investment in developing and providing this innovative technology amounts to more than $100 million.”