Blank Rome Represents FirstElement Fuel in Securing Financing to Expand Hydrogen Fuel Network
A Blank Rome team represented FirstElement Fuel, Inc. (“FirstElement”), with regard to a $50 million loan from MUFG Bank. The transaction closed on March 15, 2021.
FirstElement is the biggest developer and operator of hydrogen stations in California. This latest financing, which follows a previous capital raise in June 2020, will be used to expand FirstElement’s existing hydrogen-station network for light-duty fuel cell electric vehicles.
For more information on the transaction, please read Japanese Bank Finances US Hydrogen Fuel Network (Argus Media, April 27, 2021) and FirstElement to Expand Californian Hydrogen Stations Following $50M Loan (H2 View, April 27, 2021), and MUFG Bank’s $50 Million Loan to FirstElement Fuel (Global Legal Chronicle, May 27, 2021).