Idemitsu Kosan announced on May 13 that it will invest in HIF Global, a US company developing synthetic fuel (e-fuel) and synthetic methanol (e-methanol) projects in multiple locations. points and on a large scale in South America, North America, and Australia. The investment amount will be 114 million USD, the investment ratio will not be disclosed but will be a small investment.
View of the investment ceremony
(Source: Idemitsu Kosan)
Synthetic fuel and synthetic methanol, synthesized from hydrogen produced by water electrolysis using renewable electricity and CO2 obtained from CCS (separation and collection CO2 retention), are technologies that make hydrocarbon fuels and chemicals carbon neutral.
Image of synthetic methanol supply chain
(source: Idemitsu Kosan)
HIF first successfully produced synthetic fuel at its demonstration plant in Chile in December 2022. The company is planning to build commercial-scale plants in Texas, Australia, Uruguay and Chile, with Future production scale is about 4 million tons of e-methanol equivalent.
Idemitsu Kosan will sign an MOU with HIF in 2023 regarding a strategic partnership in the synthetic fuel sector. Since then, we have initiated joint research on e-methanol and worked towards the early deployment of e-methanol and e-fuels to society.
This investment in HIF will accelerate the production and development of e-methanol and e-fuels at overseas facilities. In addition to sending directors to HIF, we will also send personnel in the field of marketing and project development to absorb HIF's knowledge and know-how in areas such as development and management.
Furthermore, by leveraging the fuel oil business's existing sales and supply network, we will work towards early market formation and introduction of the e-methanol business. The company aims to build an e-methanol supply system with a target capacity of 500,000 tons by 2035 at domestic and foreign facilities, mainly serving domestic demand.
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