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

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

fleetnewsdaily | November 9, 2021

The monies 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.

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)	2,668,334939,390	kgfills
Amount of Fuel Dispensed in 2021 YTD	700,000260,000	kgfills
Amount of Fuel Dispensed During October 2021	94,00042,000	kgFills
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	3,9681,635	kgfills
Rolling Seven-Day Sales Record	23,71910,210	kgfills