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Porsche has invested USD$75 million in HIF Global which is a developer of sustainable fuels
Porsche is laying the foundation for a sustainably powered future with a considerable $75 million investment in the synthetic-fuel industry.
The money will go towards HIF Global – a project-development company specialising in sustainable fuels that are made from a combination of hydrogen and CO₂ formed by electric wind power.
According to an announcement by Porsche, eFuel plants are to be built in Chile and the US, as well as Australia.
“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,” said Member of the Executive Board for Procurement at Porsche AG, Barbara Frenkel.
Porsche has stated that eFuel testing is now underway for both road and racetrack use, with eFuels produced in Chile will be used in motorsport “flagship projects”.
The German sports-car manufacturer has said that in the future it is conceivable that eFuel will be used in the company’s own combustion-engined vehicles during initial fuelling at the factory as well as at Porsche Experience Centres.
Porsche recently revealed the new high-performance Cayman GT4 RS, and all cars at the launch were powered by a ‘clean’ fuel made up of synthetic substances.
These green fuels are completely renewable because they are made using hydrogen and CO₂ instead of extracting coal or gas from the ground.
Formula One has also announced that from 2025 onwards, all of its race cars will be powered by 100 percent sustainable fuel.
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