Japan's MOL invests e-fuels with HIF Global
Japanese shipping company Mitsui OSK Lines (MOL has invested in e-fuels developer HIF Global to finance the expansion of its e-fuels projects.
It will also collaborate on establishing a value chain for the synthetic fuels and CO2.
The (undisclosed) investment is part of HIF Global’s broader fundraising efforts, totalling $220 million for 2024, HIF Global said.
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 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.
With this latest investment, MOL seeks to promote the decarbonisation of mobility across sectors, including shipping, where e-methanol is seen as a potential alternative marine fuel.
“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 decarbonisation and a greener future from low cost production areas to market centres worldwide. Together we develop the capability to produce e-Fuels and deliver them to our customers on MOL’s fleet of carriers”.
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