HIF Global, the world’s leading eFuels company, has announced a strategic investment from Japanese energy company Idemitsu Kosan. The investment will support the development of HIF’s eFuels projects, which aim to produce renewable, carbon-neutral liquid fuels that can be used in existing infrastructure.
Idemitsu joins a consortium of existing HIF investors, including AME, EIG, Porsche, Baker Hughes, and Gemstone Investments.
HIF Global’s President & CEO, reflected on the partnership, stating: ‘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; it’s a reflection of our shared vision for a greener future.’
Susumu Nibuya, Representative Director, Executive Vice President and Chief Operating Officer of Idemitsu Kosan said, ‘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.’
The investment by Idemitsu completes the first step in the previously announced strategic investment, which included investment, purchase of eFuels, development of the eFuels markets in and creation of 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 by 2050.
HIF Global is the world’s leading eFuels company, developing projects to convert hydrogen, produced with low-cost renewable power, into carbon-neutral liquid eFuels. The name HIF represents the mission of the company: to provide Highly Innovative Fuels to accelerate decarbonization. HIF Global intends to produce 150,000 barrels per day of eFuels from global facilities by 2035.
HIF is already producing eFuels in its Haru Oni eFuels Facility in Magallanes, Chile, and intends to begin construction of the commercial-scale HIF Matagorda eFuels Facility in Texas, USA in 2024. HIF Global’s first Australian development, in Tasmania, was announced in 2022. The company’s first Uruguayan project, in Paysandú, was unveiled in 2023.
Idemitsu is working to implement diverse and environmentally friendly low-carbon energy, resource-saving, and circulation solutions in society while fulfilling its responsibility to provide a stable supply of energy, mainly fossil fuels including petroleum, under its 2030 Vision ‘Your Reliable Partner for a Brighter Future’ and 2050 Vision ‘Shape the Change’. As part of this plan, Idemitsu plans to establish a green supply chain for biomass-derived fuels and chemicals, such as SAF, biodiesel, and bio-chemicals, also for ammonia and synthetic fuels by 2030. Liquid fuels such as SAF and synthetic fuels are one of the businesses that Idemitsu Kosan should focus on because they can contribute to decarbonization by utilizing existing infrastructure.
