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MOL Invests in HIF Global, a U.S.-based company of e-Fuels
-Toward the Decarbonization of the Mobility Industry with synthetic fuels -
September 20, 2024
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced that, through its wholly-owned subsidiary MOL Clean Energy, US. LLC, it decided to invest in HIF Global LLC (HIF; CEO: Cesar Norton, Headquarters: Houston, Texas, U.S.), a company developing and operating e-Fuels projects globally.
(Second from left in the front row: Mr. Daisuke Fujihashi, MOL General Manager of Carbon Solution Business Development Unit. Fourth from right in the front row: Ms. Meg Gentle, HIF Global Executive Director of the Board. Third from right in the front row: Mr. Renato Pereira, HIF USA Chief Executive Officer)
HIF has a production target of about 4 million tons per year (Note 1) of synthetic fuel (e-fuel) and synthetic methanol (e-methanol) from green hydrogen derived from renewable energy sources and recycled CO2 in four countries: the U.S., Chile, Uruguay, and Australia. e-Fuels and e-Methanol are expected to achieve swift and broad application as they can make immediate and significant contributions to reducing the carbon footprint of the entire product life cycle, from production through use of the product. HIF Global will start with the production of e-Gasoline and e-Methanol, and is targeting the future production of synthetic sustainable aviation fuel (e-SAF) and synthetic chemicals. e-Methanol is also expected to be adopted as an alternative marine fuel that will contribute to the decarbonization of the shipping industry.
In March, MOL reached an agreement on the joint development of a supply chain for e-Fuels and e-Methanol, and signed a memorandum of understanding (MoU) with Idemitsu Kosan Co., Ltd., HIF USA LLC, a subsidiary of HIF Global, and HIF Asia Pacific Pty Limited (Note 2). With this investment in HIF Global, MOL will further promote the establishment of a supply chain for e-Fuels and CO2, setting the stage to decarbonize all types of mobility.
[Joint development partners]
[Synthetic Fuel/ Methanol Supply Chain]
[Outline of HIF Global]
Company name: HIF Global LLC
Headquarters:
711 Louisiana Street, Suite 1100 Houston, Texas 77002
Representative: Cesar Norton, President & CEO
Website: https://hifglobal.com/
HIF Global is the world's leading e-Fuels company, developing projects to convert hydrogen produced with low-cost renewable power into carbon-neutral liquid synthetic fuels that can be transported and utilized in existing infrastructure. The name HIF represents the mission of the company: to provide "Highly Innovative Fuels" to make decarbonization of the planet possible. HIF Chile, HIF USA, HIF Asia Pacific, and HIF EMEA are wholly owned subsidiaries of HIF Global. Having successfully produced its first e-Fuel from the Haru Oni Demonstration Facility in Magallanes, Chile, in December 2022, HIF plans to construct commercial-scale plants in Matagorda, Texas, U.S.; Magallanes, Chile; Paysandu, Uruguay, and Tasmania, Australia.
(Note 1) Converted value when only e-Methanol is produced
MOL Group 5 Sustainability Issues
MOL Group identifies "Sustainability Issues" (Materiality) as our key issues for sustainable growth with society through realization of the Group Vision.
We anticipate this initiative to contribute especially to the realization of "Environment -Conservation for Marine and global environment-" and "Innovation -Innovation for development in marine technology-".
