Porsche has been working on synthetic fuels for some time and now they have announced that they are investing $75 million in the technology.
The $75 million is being invested in HUF Global LLC and Porsche will retain a 12.5 percent stake in the company.
The new synthetic fuels are designed to be used with combustion engines, although unlike petrol and diesel they have almost no emissions and are nearly CO2 neutral.
These new fuels are based on hydrogen and CO2 and they will be produced using wind energy, production will start this year.
“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,” says Barbara Frenkel, Member of the Executive Board for Procurement at Porsche AG.
“Porsche is investing in an attractive business area with its stake in HIF Global LLC. Synthetic fuels offer attractive prospects across transportation sectors, from the automotive industry to the aviation and shipping sectors. In addition, e-methanol is an important raw material for other applications, such as in the chemical industry, where it can replace raw materials of fossil origin. E-methanol is an intermediate product that is produced during the generation of eFuel,” explains Michael Steiner, Member of the Executive Board for Research and Development at Porsche AG.
It will be interesting to find out more details about these new synthetic fuels which are being developed by Porsche and other companies.