Porsche Invests $75 Million In Synthetic Fuels, Plans To Use In Future Motorsport Projects

Porsche AG has been researching the use of renewable fuels for some time, and taking a step towards sustainability, has decided to invest $75 million in HIF Global LLC, acquiring a long-term stake in the developers of eFuel, which would eventually make into its motorsport projects. The production of eFuels from hydrogen and CO² using wind energy is expected to start at the Haru Oni eFuel pilot plant in Punta Arenas, Chile by mid-2022. These electricity-based synthetic fuels allow combustion engines to be operated in a potentially almost CO₂-neutral manner, a win-win situation for the German marquee, as it works on electrifying its range but doesn't want to keep its current crop of ICE-powered vehicles in the dry, as the new fuel would help reduce emissions.

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Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG said, “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 $100 million.”

#Porsche is investing USD 75 million in HIF Global LLC. In return, the sports car manufacturer is acquiring a long-term stake in HIF Global LLC, a holding company of internationally active project developers of eFuel production facilities. More: https://t.co/xVKFXr1JVC pic.twitter.com/q2U5K17heL

— Porsche Newsroom (@PorscheNewsroom) April 6, 2022

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The sports car manufacturer initially plans to use the eFuel from Chile in motorsport flagship projects. In the future, it is also conceivable that they will be used to fuel the company's own vehicles with combustion engines during initial fuelling at the factory, and at Porsche Experience Centres. However, there was no word on whether the new fuel would be made available to owners. HIF's eFuel production method, developed with help from Siemens Energy and ExxonMobil uses wind power to turn hydrogen and CO² into liquid fuel.

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Last year, almost 40 per cent of all new Porsche vehicles delivered in Europe were already at least partly electric – i.e. plug-in hybrids or fully electric models. In addition, Porsche had announced its intention to be carbon-neutral in 2030. Earlier Oliver Blume, Chairman of the Executive Board of Porsche AG had said, “In 2030, the share of all new vehicles with an all-electric drive should be more than 80 per cent.” To achieve these goals, Porsche is investing in charging stations together with partners – and additionally in its own charging infrastructure. Further investments are flowing into core technologies such as battery systems and module production.