June 27, 2022

Market and Financial News

Market and Financial News Aggregator

Porsche taking stake in ‘e-fuels’ maker Highly Innovative Fuels Global

2 min read

A Porsche 911 Carrera 4S stands in the evening light in a drive-in cinema on the circuit of the Leipzig Porsche factory.

Jan Woitas | picture alliance via Getty Images

DETROIT — Porsche is upping its investment in the development of climate-neutral “e-fuels” made to replace gasoline in traditional combustion engines.

The German automaker, owned by Volkswagen, announced on Wednesday a $75 million “long-term” investment in Highly Innovative Fuels Global, a manufacturer headquartered in the U.S. with operations in Chile. Porsche will acquire 12.5% of the Delaware-based holding company.

The move builds on an existing tie-up between the companies. In late 2020, Porsche announced a roughly $24 million investment in a pilot plant being produced by HIF in Chile. The plant is expected to begin production later this year of e-fuels, which are made from hydrogen and carbon dioxide.

“Today is an important milestone in our commitment to e-fuels,” Barbara Frenkel, head of procurement for Porsche, said during a media roundtable from Chile. “We see our participation in HIF Global as a long-term investment and the use of e-fuels is, of course, of great interest to the automotive industry … it is also effective for aviation and shipping industries.”

Porsche’s new investment is part of a larger international financing round of $260 million, according to HIF. Other investors include the Chilean company Andes Mining & Energy (AME) and American companies EIG, Baker Hughes and Gemstone Investments.

HIF said the additional capital will be used to develop industrial e-fuel facilities next year in the United States, followed by similar facilities in Chile and Australia in 2024.

Electricity-based fuels, or e-fuels, are clean, carbon-neutral fuels produced from renewable, green hydrogen and carbon dioxide taken from the atmosphere, according to HIF. They can act like gasoline, allowing owners of current and classic vehicles a more environmentally friendly way to drive.

E-fuels could allow…



2022-04-07 02:18:52

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.