JOGMEC invests USD 36 million in HIF Global e-Fuels portfolio
HIF Global announced a USD 36 million equity investment by the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency, via Idemitsu Efuels America Corp. to expand HIF’s e-Fuels projects in USA, Australia, Chile and Uruguay.
When combined with the investments by Idemitsu and existing shareholders announced in May 2024, HIF Global has been able to secure $200 million of new funding year-to-date to fund the development of its e-Fuels projects globally.
Cesar Norton, President & CEO of HIF Global, said, “Japan set a priority for the commercial introduction of e-Fuels into its fuel supply to support their mandate for 46% GHG emissions reduction by 2030. We have already proven e-Fuels are a real solution with over 18 months of e-Fuels production from our Haru Oni facility in southern Chile. We foresee a future when e-Methanol, produced by low-cost, abundant sources of renewable energy in the USA, Australia, Chile, or Uruguay, is exported to Japan for green shipping, or to be further refined into fuels like e-Gasoline, e-Diesel, or e-SAF, to be dropped-in to existing engines without the need for any changes to our infrastructure.”
DAITO Michio, President of JOGMEC said: “JOGMEC has provided financial and technical support for the development of oil, gas, and LNG so far. However, by the revised act, our support extends to new business areas of hydrogen, ammonia, e-fuels, and CCS (carbon capture and storage). Just starting with this investment, JOGMEC will contribute to realizing a carbon-neutral society”.
HIF Global previously announced the following collaborations with ENEOS, ITOCHU, JFE Steel, MOL, and Idemitsu.
JOGMEC is a Japanese government agency whose mission is to secure a stable and affordable supply of energy and mineral resources for Japan.
HIF Global is e-Fuels company, developing projects worldwide to convert renewable energy into near carbon neutral e-Fuels that can be utilized in existing engines.
