Porsche to accelerate on synthetic fuel with $75 million investment TechCrunch

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Porsche announced on Wednesday a $75 million investment in the industrial production of eFuels, a synthetic low-carbon addition to its plans to electrify 80% of its model range by 2030.

Porsche, which aims to become carbon neutral by the end of the decade, said at a briefing that the technology could enable the automaker to continue producing its classic, flat-six-engine sports cars into the next decade.

In return for its investment, Porsche will receive a 12.5% ​​stake in Santiago de Chile-based HIF Global LLC, a holding company for eFuel manufacturing facilities in the US, Chile and Australia. The automaker is currently working with HIF Global and partners, including Siemens Energy and ExxonMobil, to begin manufacturing eFuels from hydrogen and carbon dioxide using wind power this summer at the new Haru Oni ​​eFuel pilot plant in Punta Arenas, Chile. .

The investment in eFuels, a synthetic material that can reduce emissions in the automotive, marine and aerospace industries, gives Porsche the opportunity to position itself as a pioneer in the use of the zero-emission fuel substitute.

However, it is unclear when these efuels will be widely available to Porsche owners. Porsche is allowed to use the synthetic fuel in its vehicles that drive around the tracks at its seven Porsche Experience Centers around the world, including Atlanta and Los Angeles.

The eFuel produced there could also support Porsche’s plans if it decides to participate in Formula 1. The international racing organization announced last year that it will start using sustainable fuels by the middle of the decade, “a huge step in the right direction,” said Michael Steiner, Member of the Board of Management for Research and Development at Porsche AG. Formula 1 has also set a deadline for 2030 to become carbon neutral.

Meanwhile, the investment in eFuels can be seen as a hedge against an ongoing battery shortage due to the current global supply chain tightness.

Porsche announced plans in March to expand its battery-electric portfolio beyond the Taycan sedan with the Macan and 718 by 2025, and to build its own global network of charging stations next year.

HIF Global confirmed on Wednesday that it plans to begin construction of an eFuels plant in the US next year, followed by similar facilities in Chile and Australia in 2024.


This post Porsche to accelerate on synthetic fuel with $75 million investment TechCrunch was original published at “https://techcrunch.com/2022/04/06/porsche-synthetic-fuels-investment-sports-cars/”

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