Industrial gas producer Air Liquide and Hy Solution, a subsidiary of diversified conglomerate Mitsui, have each invested $12m in US-based hydrogen fuel supplier FirstElement Fuel.
FirstElement runs 19 hydrogen retail fuel stations in the US state of California that serve drivers of fuel cell-powered electric vehicles. The $24m will fund the growth of its True Zero Hydrogen Network, with 12 more stations already in the development stage.
The company has formed a liquid hydrogen supply agreement with Air Liquide, which announced plans for a $150m hydrogen production facility in November 2018.
The equity funding comes after financial assistance from carmakers Toyota and Honda, the South Coast Air Quality Management District (AQMD), the Bay Area AQMD and a $27.5m grant from the California Energy Commission in 2014.
Joel Ewanick, FirstElement’s founder and CEO and a former vice-president at carmaker General Motors, said: “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.”
Image courtesy of FirstElement Fuel Inc.
