MOL Invests in U.S.-Based E-Fuels Company HIF Global

On September 20, 2024, Mitsui O.S.K. Lines, Ltd. (MOL) announced that its wholly-owned subsidiary, MOL Clean Energy, US LLC, has invested in HIF Global LLC, a company focused on developing and operating e-Fuels projects worldwide. HIF Global has ambitious plans to produce around 4 million tons per year of synthetic fuels (e-fuels) and synthetic methanol (e-methanol) using green hydrogen derived from renewable energy and recycled CO2. These projects span across the U.S., Chile, Uruguay, and Australia.

HIF’s e-fuels and e-methanol are expected to play a crucial role in reducing the carbon footprint throughout the product lifecycle, from production to usage. Due to their ability to contribute to immediate and significant carbon reductions, these synthetic fuels are anticipated to gain swift and widespread application. HIF Global will initially focus on producing e-gasoline and e-methanol, with plans to expand into synthetic sustainable aviation fuel (e-SAF) and synthetic chemicals in the future. Notably, e-methanol is also expected to be adopted as an alternative marine fuel, which could significantly aid in decarbonizing the shipping industry.

In March 2024, MOL took a major step in promoting the development of e-fuels by signing a memorandum of understanding (MoU) with Idemitsu Kosan Co., Ltd., HIF USA LLC (a subsidiary of HIF Global), and HIF Asia Pacific Pty Limited. This MoU outlines the joint development of a supply chain for e-fuels and e-methanol. MOL’s investment in HIF Global marks another critical move in the company's strategy to establish a global supply chain for e-fuels and recycled CO2.

This partnership aligns with MOL’s broader goal of advancing decarbonization efforts across various forms of mobility. By leveraging e-fuels, MOL aims to contribute to a cleaner, more sustainable energy landscape, supporting global efforts to reduce greenhouse gas emissions and combat climate change.

HIF Global is a leading company in the e-Fuels sector, focused on converting hydrogen generated from low-cost renewable energy into carbon-neutral liquid synthetic fuels. These fuels can be transported and used within existing infrastructure, supporting the global push for decarbonization. The name HIF stands for "Highly Innovative Fuels," reflecting the company’s mission to drive the planet's transition to cleaner energy.

HIF Global operates through its subsidiaries: HIF Chile, HIF USA, HIF Asia Pacific, and HIF EMEA. In December 2022, HIF successfully produced its first e-Fuel at the Haru Oni Demonstration Facility in Magallanes, Chile. This milestone marked a significant step in their goal to scale up production of synthetic fuels globally.

Looking ahead, HIF plans to build commercial-scale e-Fuels plants in several locations, including Matagorda, Texas, U.S.; Magallanes, Chile; Paysandú, Uruguay; and Tasmania, Australia. These projects will support the company’s broader goal of providing clean, sustainable fuels to help reduce carbon emissions and mitigate climate change.