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E85 fuel represents 85% ethanol, 15% gasoline... though the actual ratio varies quite a bit. Would not advise putting E85 into 911's as you need a flex fuel kit. Flex fuel kit reads the amount of ethanol in your fuel and adjusts your tune to compensate.
Without it you would run lean and risk serious damage to the engine.
In order to run full E85, you will need to get an ECU tune. M Engineering offers an E85 tune. It will give you a massive increase in power as E85 allows you to run significantly more boost. The M Engineering tune bumps your power by 180 hp max over stock. The stock fuel system and injectors are not designed to run full E85 so nobody knows the long term implications of running E85. Also expect your gas mileage to drop by about 20% as E85 is not as efficient as gasoline. Here's a dyno chart showing the difference in power comparing a stock 992 S vs. an M Engineering tuned 992 S running E85: