HIF Global, a leading developer of e-fuel projects spanning the US, Australia, and Latin America, announced today a significant financial boost of USD 164 million (EUR 152 million) from existing shareholders and Idemitsu Kosan Co Ltd (TYO:5019).
According to the announcement, the Japanese energy and materials giant, Idemitsu Kosan, has made a substantial investment of USD 114 million in exchange for a stake in HIF Global. This investment solidifies Idemitsu's position alongside existing HIF investors, including AME, EIG, Porsche, Baker Hughes, and Gemstone Investments.
Susumu Nibuya, Representative Director, Executive Vice President, and Chief Operating Officer of Idemitsu Kosan, expressed the company's strategic focus on achieving carbon neutrality by 2050. “To achieve carbon neutrality by 2050, we have decided to initially focus our resources on e-methanol, along with blue ammonia and SAF,” Nibuya stated. “We are eager to learn from HIF Global, a pioneer in e-methanol with extensive expertise in this field. Together, we aspire to develop a market for e-methanol and synthetic fuels.”
The investment by Idemitsu Kosan marks the commencement of a four-part cooperation agreement unveiled a year ago, signifying a significant step forward in their joint efforts towards sustainable energy solutions.
HIF Global, already operational with its e-fuel production at the Haru Oni plant in Magallanes, Chile, is poised for further expansion. The company anticipates commencing construction of a commercial-scale facility in Texas later this year, alongside projects in Tasmania and Uruguay.
This substantial investment not only underscores the growing momentum in the e-fuel sector but also highlights the collaborative efforts of industry leaders to drive innovation and sustainability in the global energy landscape.
