Japanese shipping company MOL joins HIF Global

This is a machine translation of the original release issued in Spanish.

PRESS RELEASE from HIF Global
September 19, 2024

Houston and Santiago de Chile, September 19, 2024.
HIF Global announced an investment from Mitsui OSK Lines , LTD. (MOL), the international shipping company, to fund the expansion of its e-Fuels projects in the United States, Australia, Chile and Uruguay .

MOL is the third Japanese entity to invest in HIF Global this year, joining Idemitsu Kosan and the Japan Metals and Energy Security Organization ( Jogmec ).

The partnership between HIF and Japan forms a value chain that brings together diverse capabilities: HIF produces e-Fuels, MOL transports them to key markets and Idemitsu provides additional management at ports and refineries.

So far in 2024, HIF Global has raised US$220 million to fund the development of its e-Fuels projects. MOL joins HIF Global’s partners, which include AME , EIG , Porsche , Baker Hughes , Gemstone Investments , Idemitsu Kosan and Jogmec.

HIF Global President and CEO César Norton highlighted that “MOL, as one of the largest shipping companies, is fundamental for the global accessibility of e-Methanol. We welcome them to HIF Global, to build a strategic value chain that delivers decarbonization and a more sustainable future from low-cost production zones to market centers around the world. Together we will develop the capacity to produce e-Fuels and deliver them to our customers with MOL’s fleet.”

MOL aims to contribute to the creation of an e-Fuel supply chain together with strategic partners to reduce emissions and achieve a sustainable society.

e-Fuels are manufactured using renewable-powered electrolysers to split hydrogen from oxygen in the water molecule. The hydrogen is combined with recycled carbon dioxide to produce carbon-neutral e-Fuels such as e-Methanol, which can be used as a fuel for shipping or converted into other fuels such as e-Gasoline for cars, e-SAF for aircraft and e-Diesel for trucks. They are chemically equivalent to fuels used today and can therefore be retrofitted into existing engines without any modifications.

About HIF Global

HIF Global is the world's leading e-Fuels company, developing projects around the world to convert renewable energy into carbon-neutral fuels that can be used in existing engines. The name HIF (Highly Innovative Fuels) represents the company's mission: to provide highly innovative fuels to enable the decarbonization of the planet. HIF already produces e-Fuels at its HIF Haru Oni plant in southern Chile and is developing commercial-scale installations in the United States, Uruguay, Australia and Chile. For more information, visit www.hifglobal.com.

About MOL Group

MOL Group identifies “Sustainability Issues” (Materiality) as key themes for sustainable growth with society through the realization of the Group Vision. We anticipate that this initiative will especially contribute to the realization of “Environment - Conservation of the Marine and Global Environment -” and “Innovation - Innovation for the Development of Marine Technology”. More information at www.mol.co.jp.to