Porsche Invests Additional $75 million Into Synthetic eFuels To Keep ICE Alive

Porsche is strengthening its investment in eFuels, investing $75 million into a holding company responsible for multiple eFuel production facilities.

HIF Global LLC is a holding company of internationally active project developers of eFuel production facilities and is building the Haru Oni eFuel pilot plant in Punta Arenas, Chile. Porsche broke ground on the eFuel production facility back in September, which is nearly emissions-free thanks to the green energy used to power it. Siemens Energy and ExxonMobil have also signed on as partners for the project.

Other investors in the HIF Global include Chilean company Andes Mining & Energy (AME) and American companies EIG, Baker Hughes Company, and Gemstone Investments. The additional investment money will be used to invest in eFuel production facilities in renewable energy rich countries, such as Chile, Australia, and the United States.

Read More: Porsche Breaks Ground On Low-Carbon eFuel Plant In Chile

“EFuels make an important contribution to climate protection and complement our electromobility in a meaningful way. By investing in industrial eFuel 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 USD 100 million,” says Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG.

How it works

Porsche has been working on renewable fuel for some time, with successful tests in the laboratory and at the race track being completed. To make the eFuel, the plant splits water into hydrogen and oxygen using electrolyzers powered by green wind energy. The hydrogen is then combined with Co2 filtered out of the air to create synthetic methanol that can be converted into eFuel. The electricity-based eFuel allows for nearly-CO2-neutral operation of combustion engines.

The eFuel produced at the Chile factory will be used in Porsche’s motorsports efforts first, before hopefully moving to using it for initial fueling at the factory and at Porsche Experience centers. Porsche expects production of the fuel to start in mid-2022.

Source: Carscoops Read More