FirstElement Fuel Inc. (a California start-up with a vision to establish a hydrogen refuelling network) has closed a US$105 million Series D funding round.
Air Water, MUFG Bank, Ltd. (MUFG), Nikkiso, and Japan Infrastructure Initiate (JII) remained the main investors and will join Mitsui, Japan Bank for International Cooperation and Air Liquide as investors in FirstElement. Additionally, FirstElement has received over US$ 125 million in public funding from the California Energy Commission, the South Coast AQMD, and the Bay Area AQMD.
FirstElement Fuel plans to build out its California Hydrogen Network from 31 True Zero Stations to 80 stations by 2024, where 12 of the 80 stations will be capable of refuelling heavy-duty trucks in addition to light-duty cars.
FirstElement opened its first hydrogen station in December 2015, and since then, the company has led the development of stations in California, opening the largest number of stations in California and the largest capacity refuelling stations in the world.
The Series D funding is the largest round of private capital raised by FirstElement Fuel so far and started 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.
Joel Ewanick, CEO of FirstElement Fuel Inc, said, “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.”