Porsche Backs Venture That Taps Wind to Make Gasoline Substitute
- HIF Global raises $260 million from investors including EIG
- Porsche gets a board seat with 12.5% stake in e-fuel developer
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Porsche AG has joined a group of investors making a $260 million equity bet on a startup that aims to harness wind power to make a gasoline substitute.
Porsche is investing $75 million for a 12.5% stake in electricity-based fuel developer HIF Global LLC, the German automaker said Wednesday in a statement. HIF is building a plant in Chile to produce electricity-based synthetic fuels from hydrogen and carbon dioxide using wind energy, starting midyear.