Hydrogen-based e-fuel developer HIF Global has secured a significant investment from Mitsui O.S.K Lines (MOL), bringing its total backing to $220m since the turn of the year.
Announced through its MOL Clean Energy subsidiary, this agreement represents the third Japanese investor to announce its support of HIF, with Idemitsu Kosan and Jogmec previously providing $114m and $36m, respectively.
H2 View understands the MOL investment could be worth $20m, after the company announced in August that the Jogmec funding brought its total backing in 2024 to $200m.
HIF is expected to use the funding to finance the expansion of its e-fuel projects in the US, Australia, Chile and Uruguay. MOL aims to contribute to the building of an e-fuel supply chain with strategic partners.
“As one of the largest shipping companies, MOL is pivotal to the global accessibility of e-methanol,” explained Cesar Norton, President and CEO of HIF Global.
“We welcome MOL to the HIF partnership as we build a strategic value chain delivery capability that supplies decarbonisation and a greener future from low-cost production areas to market centres worldwide.”
The CEO added, “Together, we develop the capability to produce e-fuels and deliver them to our customers on MOL’s fleet of carriers.”
Earlier this year, MOL and Idemitsu agreed with HIF to jointly develop an overseas supply chain for e-fuel projects in the US, Australia, Chile and Uruguay. This included the shipping of captured CO2 from Japan to these sites.
Last November (2023), HIF Global announced the first commercial export of green hydrogen-based e-fuels produced in Chile was en route to the UK.
Read more:Commercial batch of HIF Global hydrogen-based e-fuels en route to Porsche in the UK
24,600 litres of synthetic gasoline produced at the Haru Oni demonstration plant left Puerto Mardones to be used by Porsche in the UK.
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