Porsche AG is among the backers of a new startup that is making a gasoline substitute from captured carbon dioxide and hydrogen.
So far, the startup called HIF Global LLC has raised $260 million for its ambitious venture, of which $75 million have been invested by the German automaker.
In fact, Porsche’s executive board member Michael Steiner has also joined the board of HIF Global.
HIF Global LLC intends to harness wind power in order to produce an alternative to conventional gasoline.
And as part of its plans, the startup has set out to build 12 commercial sites, located in Australia, Texas, and Chile.
The aim is to reach a production rate of 150,000 barrels of fuel per day from roughly 25 million tons of carbon dioxide and 25 gigawatts of renewable energy per year.
In addition to Porsche, major funds managed by Hughes Co. and EIG Global Energy Partners LLC, among others, are also backing the firm.
HIF Global LLC intends to produce electricity-based synthetic fuels from CO2 and hydrogen with the help of wind energy.
But most interestingly about this fuel, it will be compatible with existing engines in ships, aircrafts and regular cars without the need to modify them.