Blank Rome Represents FirstElement Fuel, Inc. in Securing $24M to Fund Growth of Its True Zero Retail Hydrogen Network
Blank Rome LLP represented FirstElement Fuel, Inc., in securing $24 million in additional capital to help fund the growth of its True Zero Hydrogen Network of retail stations in California, effectively quadrupling FirstElement Fuel’s capacity to dispense retail hydrogen from 7,000 to more than 28,000 fuel cell electric vehicles. Growth funding was provided from Mitsui Group's U.S.-based subsidiary Hy Solution, Inc., and Air Liquide, with each company providing $12 million. The announcement was made public on April 2, 2019.
FirstElement Fuel is a California-based company established in 2013 to provide safe, reliable, retail hydrogen to customers of fuel cell electric vehicles. Its True Zero retail hydrogen network is the largest in the world today. This growth funding demonstrates the critical role that California is playing in global energy transformation, through helping to expand and drive down the price of hydrogen fuel for long-term profitability and sustainability in developing a robust retail hydrogen network.