PR92876

IRVINE, Calif., Nov. 9, 2021 /PRNewswire=KYODO JBN/--

--The monies from Air Water, MUFG, Nikkiso, and Japan Infrastructure Initiative

will help the company build out its California True Zero Hydrogen Network from

31 stations to 80 stations by 2024

FirstElement Fuel Inc., which began as a California start-up with a vision to

establish a hydrogen refueling network and has grown to be the world's largest

hydrogen retailer, closed a $105 Million Series D funding round.  The capital

comes in from Air Water, MUFG Bank, Ltd. (MUFG), Nikkiso, and Japan

Infrastructure Initiate (JII) as FirstElement Fuel is actively executing on its

plan to build out its California Hydrogen Network from 31 True Zero Stations to

80 stations by 2024.  At least 12 of the 80 stations will be capable of

refueling heavy-duty trucks in addition to light-duty cars.

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"It's very encouraging to have partners like these who share our vision of what

can be accomplished when we build a network of hydrogen stations," said Joel

Ewanick, Founder and CEO of FirstElement Fuel Inc.  "The whole team at

FirstElement is very appreciative of all the financial support we are getting

so that we can continue to build our vision of a hydrogen network that serves

cars and heavy-duty trucks as well as expand from 31 stations to at least 80

over the next few years."

MUFG, Air Water, Nikkiso, and JII will join Mitsui, Japan Bank for

International Cooperation, and Air Liquide as investors in FirstElement.  

Additionally, FirstElement has received over $125 Million in public funding

from the California Energy Commission, the South Coast AQMD, and the Bay Area

AQMD.

FirstElement opened its first hydrogen station in December of 2015 and since

then the company has led the development of stations in California, opening the

largest number of stations in the State as well as the largest capacity

refueling stations in the world.  The Series D funding is the largest round of

private capital raised by FirstElement Fuel thus far, and was brought in

shortly after the California Air Resources Board and California Energy

Commission implemented policies designed to encourage private investment to

play a more significant role in developing California's Hydrogen Refueling

Infrastructure.

FirstElement is unique in offering the largest network of hydrogen stations in

the world supplied by Liquid Hydrogen rather than gaseous.  Liquid hydrogen

distribution and storage is far more efficient, which is helping drive down the

cost of hydrogen at the dispenser by 25%.

In just six years FirstElement Fuel has dispensed enough hydrogen into fuel

cell electric cars to drive over 170 Million zero emission miles, and has

avoided more than 110 million pounds of CO2.  It's only the beginning as

FirstElement's 31 stations, all in California so far, have been regularly

breaking single day, and 7-day records.

Status and Usage of FirstElement Fuel Inc.'s California Hydrogen Network

Number of Stations in Network                                             31        

Number of Fueling Positions (Hoses) in the Network           48        

Capacity of the Network                                                        16,500 kg/day

Amount of Fuel Dispensed Over the Life of the

Network(Dec 2015-Present)                                                  2,668,334

                                                                                                939,390kg fills

Amount of Fuel Dispensed in 2021 YTD                                700,000

                                                                                                260,000kg fills

Amount of Fuel Dispensed During October 2021                   94,000

                                                                                                42,000kg Fills

Miles driven on Hydrogen Over the Life of the

Network (Dec 2015-Present)                                                  171,000,000 miles

Carbon Emissions Avoided Over the Life of the

Network (Dec 2015-Present)                                                  110,000,000 lbs

Single Day Sales Record                                                         3,968

                                                                                                 1,635 kg fills

Rolling Seven-Day Sales Record                                             23,719

                                                                                                 10,210 kg fills

About FirstElement Fuel Inc

FirstElement Fuel Inc is a California-based company established in 2013 to

provide safe, reliable, retail hydrogen to customers of fuel cell electric

vehicles. The company is the developer, owner and operator of the True Zero

brand of retail hydrogen stations, which currently represents the largest

retail hydrogen station network in the world.

Learn about our True Zero Network at https://truezero.com

CONTACT: Dr. Shane Stephens

         Founder & CDO

         FirstElement Fuel Inc.

         shane.stephens@truezero.com

         +1-949-922-3456

SOURCE:  FirstElement Fuel