FirstElement Fuel receives $24mn to open more hydrogen sites in California
The latest investment will allow the fuelling company to serve more than 28,000 fuel cell vehicles.
FirstElement Fuel, Inc., a California-based retail hydrogen network, secured $24 million in funding to grow its presence in the U.S. state.
The growth funding from Mitsui Group’s U.S. based subsidiary Hy Solution, Inc. and Air Liquide, with each company providing $12 million, will expand its capacity from the ability to serve 7,000 fuel cell electric vehicles to more than 28,000 vehicles, reports Green Car Congress.
“American, Japanese, and French companies are coming together to invest in a retail hydrogen network that is the first of its kind anywhere in the world. This shows the critical role that California is playing in a global energy transformation, and it’s based on a business case that allows us to expand and drive down the price of hydrogen fuel, all with a road to profitability and sustainability,” said Joel Ewanick, Founder & CEO of FirstElement Fuel Inc.
Leading up to this round of funding, FirstElement Fuel has grown its True Zero Network in California with financial assistance from the California Energy Commission, Toyota, Honda, the South Coast AQMD, and the Bay Area AQMD.
In California one third of the hydrogen produced today comes from renewable sources, with the remaining two thirds incorporating natural gas and water, according to FirstElement Fuel.
The company has completed the construction of 15 stations under the True Zero brand.
