FirstElement Fuel, the largest hydrogen fueling network in the world, closes Series D round of $105 Million
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
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