Porsche strengthens commitment to industrial production of eFuels
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. Among other projects, the Santiago de Chile-based company is building the Haru Oni eFuel pilot plant in Punta Arenas (Chile). Initiated by Porsche and implemented with partners including Siemens Energy and ExxonMobil, production of eFuels from hydrogen and CO2 using wind energy is expected to start there in mid-2022. These electricity-based synthetic fuels enable nearly-CO2-neutral operation of combustion engines.
With its investment in HIF Global LLC Porsche is participating in an international financing round alongside the Chilean company Andes Mining & Energy (AME) and the American companies EIG, Baker Hughes Company and Gemstone Investments. In total, an amount in the low nine-figure USD range is flowing into 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, which have large supplies of renewable energy.
"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.
"Porsche is investing in an attractive business area with its stake in HIF Global LLC. Synthetic fuels offer attractive prospects across transportation sectors, from the automotive industry to the aviation and shipping sectors. In addition, e-methanol is an important raw material for other applications, such as in the chemical industry, where it can replace raw materials of fossil origin. E-methanol is an intermediate product that is produced during the generation of eFuel," explains Michael Steiner, Member of the Executive Board for Research and Development at Porsche AG.
Porsche has been researching the use of renewable fuels for some time. Tests in the laboratory and on the race track are proceeding successfully: "We see ourselves as pioneers in eFuels and want to drive the technology. This is one building block in our clear, overall sustainability strategy," emphasises Michael Steiner.
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 Centers.
Porsche's transaction to acquire a stake in HIF Global LLC is subject to approval by the relevant antitrust authorities.
About Porsche Asia Pacific Pte Ltd
Porsche Asia Pacific Pte Ltd is a subsidiary of Dr. Ing. h.c. F. Porsche AG, the leading sports car manufacturer based in Stuttgart, Germany, with a vision to be the most successful brand for exclusive and sporty mobility. Best known for the 911 model line, Porsche also produces the Cayenne, Macan, Panamera, 718 Boxster and 718 Cayman models. In 2019, it introduced the Taycan, the first fully-electric sports car.
Porsche Asia Pacific commenced operations on 1 October 2001 and currently oversees 13 countries from its headquarters in Singapore: Brunei, Cambodia, French Polynesia, Indonesia, Malaysia, Mongolia, New Caledonia, New Zealand, the Philippines, Singapore, Sri Lanka, Thailand and Vietnam. As a market incubator, it offers support to its importers and dealers in After Sales, Business Development, Marketing, New Business Fields, Public Relations and Sales, helping them to further professionalise operations and cater to customer needs to ultimately grow their business.
About AAS GROUP
AAS GROUP , the sole authorised importer and distributor of Porsche cars in Thailand, operates from four world-class Porsche sales locations across Bangkok. It is an accredited Porsche Classic Partner, the only one in the Porsche Asia Pacific region. Having 12 Porsche Certified Gold Technicians and nine Porsche Certified Silver Technicians underlines the strong technical and Aftersales competency of AAS, which has been recognised over the last few years with the global Porsche Service Excellence Award. Over 30 years, AAS continues to practice the company policy "AAS Looking After You and Your Car", in order to achieve the mission of "AAS The Name You Can Trust".
For more information please contact:
AAS Auto Service Co., Ltd. visit us at https://dealer.porsche.com/thailand
Porsche Centre Bangkok Vibhavadi Rangsit Rd. Tel. 02-522-6655
Porsche Centre Pattanakarn Tel. 02-369-1111
Porsche City Showroom Siam Paragon FL. 2 Tel. 02-610-9911
Porsche Studio Bangkok ICONSIAM FL. 1 Tel. 02-288-0911
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