HIF Global, a provider of sustainable e-fuels, has raised a total investment of USD 164 million led by Idemitsu Kosan, a Japanese energy company, and its existing shareholders. Existing investors include AME, EIG, Porsche, Baker Hughes, and Gemstone Investments. This brings the company's total funding to USD 424 million.

The investment, led by Idemitsu, completes the first step of the four-part collaboration announced in April 2023 . This includes investment, purchase of e-fuels, development of e-fuels markets in Japan, and creation of CO2 supply chains.

The funds raised will be used to expand the development of HIF Global's e-fuel projects in several locations, including the US, Australia, Chile, and Uruguay. The company is already producing e-fuels at its Haru Oni eFuels facility in Magallanes, Chile, and plans to begin construction of the HIF Matagorda eFuels facility in Texas in late 2024.