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Porsche Invests $75 Million In Synthetic Fuel Holding Company

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Porsche has announced its latest investment in HIF Global LLC – a Santiago de Chile-based holding company of an internationally active developer of synthetic fuel production facilities projects.

The Haru Oni ​​eFuel pilot plant at Punta Arenas in Chile is one of the initiatives HIF Global LLC is working on. Production of synthetic fuels (also known as eFuels) from hydrogen and CO2 using wind energy is projected to begin in mid-2022, thanks to a Porsche initiative and collaborations with Siemens Energy and ExxonMobil. This electrically based synthetic fuel allows the combustion engine to run in a nearly CO2 neutral manner, making it as clean as an EV.

Haru Oni's eFuel pilot plant in Punta Arenas, Chile

Haru Oni’s eFuel pilot plant at Punta Arenas in Chile

The investment in HIF Global LLC is not Porsche’s first in terms of synthetic fuels. The German company first announced its interest in eFuels in 2020. With this latest investment, Porsche has already spent nine-figure dollars on the technology.

“Fuels make an important contribution to climate protection and complement our electromobility in meaningful ways. By investing in the production of industrial eFuels, Porsche further expands its commitment to sustainable mobility. In total, our investment in the development and provision of this innovative technology amounts to more than USD 100 million,” said Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG.

Porsche joins Chilean Andes Mining & Energy (AME) and American companies EIG, Baker Hughes Company and Gemstone Investments in an international financing round for HIF Global LLC. AME remains the majority shareholder of HIF Global LLC. The additional capital will be used to develop industrial eFuel facilities in Chile, the US and Australia.

The Stuttgart-based company plans to use Chile’s eFuel in flagship motorsport projects. However, ICE-powered Porsche vehicles will also use them in the future – during initial refueling at the factory and at the Porsche Experience Center.

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