Japanese shipping company Mitsui O.S.K. Lines Ltdhas announced an investment in e-fuels developer HIF Global to support the expansion of its e-fuels projects and collaborate on establishing a value chain for synthetic fuels and carbon dioxide. The exact investment amount has not been disclosed.
This investment is part of HIF Global's larger fundraising initiative, which aims to raise a total of USD 220 million (EUR 197.1 million) for 2024. Mitsui O.S.K. Lines, commonly referred to as MOL, is now the third Japanese entity to invest in HIF Global this year, following contributions from Idemitsu Kosan Co Ltd and the Japan Organization for Metals and Energy Security (JOGMEC).
The partnership is designed to create a comprehensive value chain, with HIF producing e-fuels, MOL responsible for their transportation, and Idemitsu managing their operations in ports and refineries.
HIF Global currently has e-fuels projects in the United States, Chile, Uruguay, and Australia, aiming for an annual production of approximately 4 million tonnes of e-fuels and e-methanol through the use of green hydrogen and recycled CO2.
Cesar Norton, CEO of HIF Global, stated, “As one of the largest shipping companies, MOL is pivotal to the global accessibility of e-Methanol. We welcome MOL to the HIF partnership as we build a strategic value chain delivery capability that supplies decarbonization and a greener future from low-cost production areas to market centers worldwide. Together we develop the capability to produce e-Fuels and deliver them to our customers on MOL's fleet of carriers.”
