FirstElement Fuel develops, owns, and operates retail hydrogen refueling stations in California under the “True Zero” brand. The company focuses on building and scaling retail hydrogen fueling infrastructure to support fuel cell electric vehicles (FCEVs). Air Liquide’s $12 million equity investment and a long-term hydrogen supply agreement are intended to enable FEF’s ramp-up and expansion of the True Zero network. Those agreements aim to ensure robust and reliable fueling to accommodate the roughly 40,000 FCEVs expected to be deployed in California by 2022. FEF collaborates with partners including Toyota, Honda, Mitsui and others as part of efforts to develop a sustainable hydrogen mobility ecosystem. The investment complements Air Liquide’s broader U.S. hydrogen activities, including a planned new hydrogen production facility in the western U.S. FirstElement Fuel is developing and operating a retail hydrogen refueling network across California. The company has built a planned network of 19 stations serving metro, connector, and destination locations. FirstElement has received grants totaling over $27 million from the California Energy Commission and substantial funding assistance from Toyota earlier this year. Honda has signed a letter of intent to provide significant financial assistance, which—together with anticipated state grants—could allow the company to add at least 12 more stations and expand to at least 31 stations. California has a plan to invest $200 million in hydrogen station development over the next several years, which could further support FirstElement’s growth. The company’s stated goal is to enable fuel cell vehicle drivers to travel throughout the state as seamlessly as with conventional gasoline vehicles, positioning itself as the world’s first true retail hydrogen network. FirstElement Fuel is building a consumer hydrogen fueling network to support the launch of fuel cell electric vehicles. The company received a $27.6 million grant from the California Energy Commission to help deploy stations across California. It plans to have its first 19 stations operational by fall 2015, ahead of vehicle rollouts. Leadership includes Chairman and CEO Joel Ewanick, formerly GM’s VP and global CMO, and scientists Tim Brown and Shane Stephens‑Romero from UC Irvine’s National Fuel Cell Research Center. FirstElement intends to create a scalable business model to expand to other U.S. markets and global markets as the fuel cell market grows. The company cites state programs such as AB 118 and broader support from automakers and the public sector as enablers of its rollout.

Total raised

$40M

Funding rounds

3

Latest round

Equity

Latest activity

Apr 2019