Porsche's additional investment in synthetic fuel aims to offset carbon emissions.
Porsche on Wednesday announced an additional $75 million investment in synthetic fuel production.
In a press release, the automaker said it is taking what it calls a"long-term stake" in HIF Global LLC, a holding company for projects to develop synthetic fuel production facilities.in Punta Arenas, Chile. The plant is scheduled to start producing synthetic fuel in mid-2022, according to Porsche. The automaker previously estimated 34,340 gallons of fuel would be produced in 2022.
The $75 million investment will be used to develop additional facilities in Chile, the United States, and Australia, Porsche said. The automaker previously announced plans to test synthetic fuel , and now says it may also use the fuel in road cars at the factory, and at its Porsche Experience Centers.Porsche claims synthetic fuel will substantially lower carbon emissions. Haru Oni will make fuel from hydrogen and carbon dioxide using wind energy, which the automaker claims will"enable nearly-CO2-neutral operation of combustion engines."
The automaker previously estimated an 85% reduction in carbon emissions for synthetic fuels made with renewable energy, withSome environmental groups don't agree with these claims, however. Europe's Transport & Environment has called synthetic fuels"
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Porsche invests £57 million in synthetic fuel maker HIF Global | AutocarManufacturer acquires 12.5% stake in the company building the Haru Oni e-fuels plant in Chile
Read more »
Porsche increases eFuel investment | EvoPorsche has increased its investment in eFuels, acquiring a 12.5 percent stake in fuel production company HIF Global -
Read more »
GM investing $2 billion in Ingersoll, Oshawa plants | Car News | Auto123GM is investing heavily in a retool of its Cami Assembly plant in Ingersoll, Ontario to handle EV production, and is expanding truck production in Oshawa.
Read more »
Climate change protest prompts large police presence in DTLA; Activists chain themselves to doors of Chase BankSeveral of the protestors chained themselves to the doors of the Chase Bank on Figueroa Street - since the bank has reportedly invested in more fossil fuel projects than any other company.
Read more »
Porsche invests £57m in eFuel producerMake no mistake: if Porsche can one day help to keep you in combustion-engined cars, it will.
Read more »