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Porsche makes a huge $75 million investment in advancing sustainable mobility
Written by Thembani Magazi – April 27, 2022
Reviewed by Asaf Kedem
Porsche has been making waves recently as the firm has announced a whopping $75 million investment into HIF Global LLC, a Santiago de Chile-based company that is an internationally active project developer of eFuel production facilities. Along with their partners Siemens Energy and ExxonMobil, Porsche aspires to begin production of eFuels at these facilities beginning mid-2022. The eFuels are made from hydrogen and CO2 using wind energy; these electricity-based synthetic fuels will allow the modern combustion engine to operate in an almost CO2-neutral manner.
Currently, the plan is to use the Chilean eFuel in select motorsport flagship projects while in the future, Porsche will use the fuel in the company’s own ICE vehicles during initial fuelling at the factory and at Porsche Experience Centers. Together with this investment in HIF Global LLC, Porsche has resolved to participate in international financing of eFuels along with companies such as Andes Mining & Energy (AME) and the American firms EIG, Baker Hughes Company and Gemstone Investments. Speaking on behalf of the Porsche Executive Board for Procurement, Barbara Frenkel said “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.” Clearly the firm is acknowledging this fuel’s role in climate protection and these actions also compliment the brand’s electromobility goal.
Auto Trendy’s take
Porsche and other brands have been researching renewable fuels for some time. Undoubtedly the premium automaker has been conducting extensive tests in the laboratory and on the racetrack in the hopes of yielding promising results. The brand clearly has its eyes on being one of the pioneers in eFuels and the chief drivers of this technology. This makes sense for strategic reasons when you think about it. Porsche (and the Volkswagen Group as a whole) remain hugely invested in bringing more electric vehicles to market, with Porsche itself spending hundreds of millions of dollars on EV technology. However, new EVs don't help today's Porsche owners, which is where Porsche's investment in the petrol substitute called eFuel comes in. Investing in both propulsion strategies is a good way to keep a hold of current consumers and secure new ones in the future.
