Chile-headquartered alternative fuel developer HIF Global raised $260m on Wednesday from investors including funds run by carmaker Porsche, energy technology producer Baker Hughes and energy utility AME, which remains its majority shareholder.
Energy-focused private equity firm EIG and family office Gemstone Investments filled out the participants in the round. Michael Steiner, a member of Porsche’s executive board, will join HIF’s board of directors together with EIG chairman and CEO R Blair Thomas.
Formed by AME, HIF has developed a system which applies electrolysis to wind energy to produce carbon-neutral hydrogen fuel.
The company has tested out the technology with a pilot facility called Haru Oni in Chile, and now intends to begin building out its first commercial-scale project in the United States next year. Subsequent facilities are expected to follow in Chile and Australia in 2024.
César Norton, HIF’s president and CEO, said: “We are very thankful to the investors that placed their trust in us. HIF Global is our response to the global challenge of climate change and decarbonisation, which requires a global solution, making our expansion into international markets a crucial part of our strategy.
“Our vision is to capture more than 25 million tons per year of CO2 from the atmosphere, produce approximately 150,000 barrels per day of eFuels, and make more than 5 million cars carbon neutral.”
In addition to being an equity investor, Porsche – which has its own CO2 and hydrogen-based fuels in development – has committed to buying fuel produced by Haru Oni.
Image courtesy of HIF Global.
