HIF Global , the Houston-based eFuels company, has taken a combined investment from existing shareholders and the Japanese energy company Idemitsu Kosan totaling $164m to fund projects, according to a news release.
Idemitsu joins a premier group of existing HIF investors, including AME, EIG, Porsche, Baker Hughes, and Gemstone Investments.
Cesar Norton, President & CEO of HIF Global: “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.”
Susumu Nibuya, Representative Director, Executive Vice President and Chief Operating Officer of Idemitsu Kosan: “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 four-part cooperation previously announced, which included investment, purchase of eFuels, development of the eFuels markets in Japan 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 in 2050.
