MOL invests in HIF Global, a U.S.-based company of e-Fuels
Mitsui O.S.K. Lines, Ltd. today announced that, through its wholly-owned subsidiary MOL Clean Energy, US. LLC, it decided to invest in HIF Global LLC, a company developing and operating e-Fuels projects globally.
HIF has a production target of about 4 million tons per year of synthetic fuel (e-fuel) and synthetic methanol (e-methanol) from green hydrogen derived from renewable energy sources and recycled CO2 in four countries: the U.S., Chile, Uruguay, and Australia. e-Fuels and e-Methanol are expected to achieve swift and broad application as they can make immediate and significant contributions to reducing the carbon footprint of the entire product life cycle, from production through use of the product.
HIF Global will start with the production of e-Gasoline and e-Methanol, and is targeting the future production of synthetic sustainable aviation fuel (e-SAF) and synthetic chemicals. e-Methanol is also expected to be adopted as an alternative marine fuel that will contribute to the decarbonization of the shipping industry.
In March, MOL reached an agreement on the joint development of a supply chain for e-Fuels and e-Methanol, and signed a memorandum of understanding (MoU) with Idemitsu Kosan Co., Ltd., HIF USA LLC, a subsidiary of HIF Global, and HIF Asia Pacific Pty Limited.
HIF Global is the world's leading e-Fuels company, developing projects to convert hydrogen produced with low-cost renewable power into carbon-neutral liquid synthetic fuels that can be transported and utilized in existing infrastructure. The name HIF represents the mission of the company: to provide "Highly Innovative Fuels" to make decarbonization of the planet possible. HIF Chile, HIF USA, HIF Asia Pacific, and HIF EMEA are wholly owned subsidiaries of HIF Global. Having successfully produced its first e-Fuel from the Haru Oni Demonstration Facility in Magallanes, Chile, in December 2022, HIF plans to construct commercial-scale plants in Matagorda, Texas, U.S.; Magallanes, Chile; Paysandu, Uruguay, and Tasmania, Australia.
