Porsche invests $75M into synthetic fuel production
Porsche stated on Wednesday that it will invest an extra $75 million in the manufacturing of synthetic gasoline.
It announced the acquisition of what it calls a “long-term ownership” in HIF Global LLC, a holding company for initiatives to create synthetic fuel manufacturing facilities, in a news statement on Tuesday.
One of the projects in which HIF, located in Chile, is participating is the Porsche-backed Haru Oni pilot plant in Punta Arenas, Chile, which is being developed by the company. According to Porsche, the factory is expected to begin manufacturing synthetic fuel in the middle of next year. In an earlier projection, the carmaker predicted that 34,340 gallons of gasoline will be produced in 2022.
Porsche stated that the $75 million investment will be used to create additional facilities in Chile, the United States, and Australia, among other places. In addition to testing synthetic fuel in race circumstances, the carmaker has stated that it may utilize the fuel at road vehicles at the plant and in its Porsche Experience Centers.
Haru Oni synthetic fuel pilot facility, funded by Porsche, as depicted in a rendering.
Porsche believes that synthetic fuel will significantly reduce carbon dioxide emissions. Haru Oni will use wind energy to produce fuel from hydrogen and carbon dioxide (CO2), which the manufacturer claims would “allow combustion engines to operate in a nearly CO2-neutral manner.”
When manufacturing emissions are taken into account, the carmaker previously predicted that synthetic fuels created with renewable energy would result in an 85 percent decrease in carbon emissions. Synthetic fuels also have lower “well to wheels” emissions than electric vehicles.
Some environmental organizations, on the other hand, are not convinced by these assertions. According to the European Commission’s Transport and Environment division, synthetic fuels are “a mirage.” However, while electrification may be the way ahead for new road vehicles, synthetic fuel may find applications in other means of transportation, such as air travel, as well as in the preservation of historic automobiles.