UK export credit agency offers over GBP 5bn for green H2 in Chile
Sep 13, 2024 15:00 CESTJapanese shipping company Mitsui O.S.K. Lines Ltd (TYO:9104) has invested in e-fuels developer HIF Global to finance the expansion of its e-fuels projects and collaborate on establishing a value chain for the synthetic fuels and carbon dioxide.
The exact amount was not disclosed. The investment is part of HIF Global’s broader fundraising efforts, totalling USD 220 million (EUR 197.1m) for 2024, the e-fuels developer said on Thursday.
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The transport company, also known as MOL, has become the third Japanese entity to invest in HIF Global this year, following contributions from energy and materials specialist Idemitsu Kosan Co Ltd (TYO:5019) and Japan Organization for Metals and Energy Security (JOGMEC).
The partnership aims to create a complete value chain, with HIF producing e-fuels, MOL transporting them, and Idemitsu handling them in ports and refineries. HIF has e-fuels projects in the US, Chile, Uruguay and Australia, and is targeting production of around 4 million tonnes annually of e-fuels and e-methanol using green hydrogen and recycled CO2.
“As one of the largest shipping companies, MOL is pivotal to the global accessibility of e-Methanol,” said HIF Global CEO Cesar Norton. “We welcome MOL to the HIF partnership as we build a strategic value chain delivery capability that supplies decarbonization and a greener future from low cost production areas to market centers worldwide. Together we develop the capability to produce e-Fuels and deliver them to our customers on MOL’s fleet of carriers”.
(USD 1.0 = EUR 0.896)
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