MOL invests in HIF Global to decarbonize mobility industry with synthetic fuels
Mitsui O.S.K. Lines Ltd. (MOL), through its wholly-owned subsidiary MOL Clean Energy, US. LLC, has decided to invest in HIF Global LLC (HIF), a company developing and operating e-fuels projects globally.
MOL members visiting the HIF USA office. (Second from left in the front row: Daisuke Fujihashi, MOL General Manager of Carbon Solution Business Development Unit; fourth from right in the front row: Meg Gentle, HIF Global Executive Director of the Board; third from right in the front row: Renato Pereira, HIF USA Chief Executive Officer)
HIF has a production target of about 4 MMtpy (converted value when only e-methanol is produced) of synthetic fuel (e-fuel) and synthetic methanol (e-methanol) from green hydrogen (H2) derived from renewable energy sources and recycled carbon dioxide (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 lifecycle, 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 Ltd.
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.
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