US-headed Highly Innovative Fuels Global LLC (HIF Global), a holding company of internationally active project developers of electro-fuel (eFuel) production facilities has announced a combined investment from existing shareholders and the Japanese energy company Idemitsu Kosan Co. Ltd (Idemitsu Kosan) securing US$164 million to fund its eFuels projects.
Idemitsu Kosan joins a premier group of existing HIF investors, including AME, EIG, Porsche, Baker Hughes, and Gemstone Investments.
We welcome our new partner Idemitsu into this exciting journey to fuel our world with renewable energy. This collaboration represents more than just an investment; its a reflection of our shared vision for a greener future. We are very thankful for the support of our shareholders to continue developing a portfolio of eFuels facilities around the world that can recycle approximately 25 million tonnes per year of CO2, equivalent to the emissions from over 5 million cars, said Cesar Norton, President, and CEO of HIF Global.
The investment by Idemitsu Kosan completes the first step in the four-part cooperation previously announced, which included investment, purchase of eFuels, development of the eFuels markets in Japan, and the creation of carbon dioxide (CO2) supply chains.
The development of the Japanese market for eFuels is accelerating and is supported by Japanese policymakers in the Green Growth Strategy Through Achieving Carbon Neutrality in 2050.
To achieve carbon neutrality by 2050, we have decided to initially focus our resources on e-methanol, along with blue ammonia and SAF. 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, commented Susumu Nibuya, Representative Director, EVP, and Chief Operating Officer of Idemitsu Kosan.
