19-09-2024

MOL invests in HIF Global

HIF Global, the world’s leading e-Fuels company, announced an investment from Mitsui O.S.K. Lines, LTD. (MOL), the international shipping company, to finance the expansion of its e-Fuels projects in the USA, Australia, Chile, and Uruguay.

MOL is the third Japanese entity to invest in HIF Global this year, following the Japanese energy company Idemitsu Kosan announced last May, and an investment by the Japan Organization for Metals and Energy Security (JOGMEC). The HIF – Japanese partnership now represents a value chain of collective capabilities, where HIF produces e-Fuels, MOL transports fuel cargoes to market centers, and Idemitsu provides further handling in ports and refineries.

HIF Global has secured USD 220 million of new funding for the development of its e-Fuels projects year-to-date 2024. MOL joins HIF Global’s existing investor portfolio, which includes AME, EIG, Porsche, Baker Hughes, Gemstone Investments, Idemitsu Kosan, and JOGMEC.

Cesar Norton, President and CEO of HIF Global, stated: “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 centers worldwide. Together we develop the capability to produce e-Fuels and deliver them to our customers on MOL’s fleet of carriers”

MOL aims to contribute to the building of e-Fuels supply chain together with strategic partners towards reducing emissions and the sustainable society.

e-Fuels are made using electrolyzers powered by renewable energy to separate hydrogen from oxygen in the molecule of water. The hydrogen is combined with recycled carbon dioxide to produce carbon neutral e-Fuels, such as e-Methanol, which can be used as a shipping fuel or converted into other e-Fuels including e-Gasoline for cars, e-SAF for planes, and e-Diesel for trucks. e-Fuels are chemically equivalent to fuels used today and can therefore be dropped-in to existing engines without requiring modifications.