HIF Global has announced a new investment from Mitsui O.S.K. Lines (MOL), an international shipping company, to support the expansion of its e-fuel projects across the United States, Australia, Chile and Uruguay.
MOL is the third Japanese entity to invest in HIF Global this year, following a May announcement from Japanese energy company Idemitsu Kosan, and a prior investment by the Japan Organization for Metals and Energy Security (JOGMEC). This collaboration between HIF and Japanese partners forms a comprehensive value chain: HIF produces e-fuels, MOL transports the fuel to key markets, and Idemitsu handles fuel processing at ports and refineries.
“As one of the largest shipping companies, MOL is pivotal to the global accessibility of e-methanol. 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 centres worldwide. Together we develop the capability to produce e-fuels and deliver them to our customers on MOL’s fleet of carriers,” stated Cesar Norton, President and CEO of HIF Global.
In addition, HIF Global has raised US$220 million in new funding so far in 2024 to advance its e-Fuels projects. MOL joins a diverse group of existing investors, including AME, EIG, Porsche, Baker Hughes, Gemstone Investments, Idemitsu Kosan, and JOGMEC.
MOL’s goal is to help establish an e-Fuels supply chain in collaboration with strategic partners, supporting emissions reduction and a more sustainable future.
e-Fuels are produced through electrolysis powered by renewable energy, which splits hydrogen from water. The hydrogen is then combined with recycled carbon dioxide to create carbon-neutral e-Fuels, such as e-Methanol. These fuels can be used in shipping or transformed into other forms, such as e-Gasoline for cars, e-SAF for aviation, and e-Diesel for trucks. Since e-Fuels are chemically identical to current fuels, they can be used in existing engines without modification.
