Porsche invests $75 million into synthetic eFuel company in bid to keep ICE alive
Search Driven for vehicles for sale
In a bid to keep the internal combustion engine alive in a world that's turning increasingly electric, Porsche has invested $75 million into a holding company that is responsible for multiple eFuel production facilities.
The company is called HIF Global LLC, and it is currently building the Haru Oni eFuel pilot plant in Punta Arenas, Chile, as well as acting as a holding company for globally active project developers of eFuel production facilities.
In September last year, Porsche broke ground on the eFuel production facility that's almost completely emission-free due to the green energy that powers it.
Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG, says “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.”
Renewable fuel has been in the pipelines for some time for Porsche, with successful tests in the lab and at the race track being completed.
The eFuel produced at the Chile factory will initially be used to fuel Porsche’s motorsports efforts. Production of the fuel is set to start in mid-2022.