Efuel company HIF Global closes funding round

Photo by Steve Jurvetson (Flickr) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

HIF Global, a developer of electricity based fuels (efuels) operating in the USA, Chile and Australia, on Wednesday said it has raised about USD 260 million (EUR 238m) from equity investors.

The investors that contributed to the funding round included funds managed by German carmaker Porsche AG, UK investor EIG, Chilean Andes Mining & Energy (AME), US industrial services firm Baker Hughes and India's Gemstone Investments, with AME remaining the majority shareholder in HIF.

The funds will go to efuels projects in the USA, Chile and Australia.

The company's projects convert hydrogen made using renewable power into carbon-neutral liquid efuels. These fuels can be transported and used in existing infrastructure to supply ships, cars, trucks and air-planes.

(USD 1 = EUR 0.915)

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