HIF Global Secures $260M in Clean Fuel Investment, Partners with Porsche, Auto News, ET Auto
SANTIAGO:Chilean energy company HIF Global said on Wednesday it had raised $260 million in capital to develop clean fuel from renewable energy, including an alliance with German automaker Porsche AG.
HIF Global is preparing an e-fuel pilot plant that uses wind power to produce green hydrogen. This hydrogen is then mixed with carbon dioxide, extracted from the air, in a “reactor” to produce green methanol.
The company says it hopes to produce the first liters of this e-fuel this year in the southern Chilean region of Magallanes.
“Our plan is to have global factories operational by the end of 2025 in Chile and Texas, and later in Australia,” Cesar Norton, president of HIF Global, told reporters.
HIF plans to build the first commercial-scale e-fuels plant in the United States in 2023, followed quickly by similar facilities in Chile and Australia in 2024.
Porsche has invested $75 million and will join HIF Global’s board of directors. Other investors include EIG, Baker Hughes Company and Gemstone Investments, with EIG also securing a seat on the board.
HIF said it is also researching how to produce a carbon-neutral equivalent of liquefied petroleum gas (LPG) with green methanol.
The goal is to produce an environmentally friendly “gasoline” that could be used in conventional means of transport like cars, planes and ships without modifications, and thus contribute to decarbonization efforts.
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