Porsche acquires 12.5% of HIF Global

CMS Carey & Allende advised the vehicle manufacturer Porsche on the acquisition of a 12.5% stake in HIF Global for USD 75 million as part of the international financing round, together with the majority shareholder and Chilean company Andes Mining & Energy (AME) and the US companies EIG, Baker Hughes Company and Gemstone Investments for a total amount of USD 260 million, which will be used to develop electric fuel facilities in Chile, the US and Australia.

Among other HIF Global projects, the Chile-based company is building the Haru Oni pilot plant for e-fuels in southern Chile where Porsche, with partners such as Siemens Energy and ExxonMobil, are expected to start production of e-fuels from hydrogen and CO2 using wind power in mid-2022.

These synthetic fuels, produced using electricity, enable nearly CO2-neutral operation of combustion engines. Porsche has been investigating the use of renewable fuels for some time, successfully carrying out laboratory and circuit tests. As pioneers in e-fuels, Porsche wants to promote this technology as one of the pillars of its global sustainability strategy.

The sports vehicle manufacturer initially plans to use these synthetic fuels from Chile in emblematic projects for automotive competition. In future, they may also be used to refuel new cars with combustion engines when they come off the production line and those used in the Porsche Experience Centers.

Porsche’s transaction to acquire a stake in HIF Global LLC is subject to approval by the relevant antitrust authorities.