# FirstElement Fuel

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/firstelement-fuel

- Industry: Oil & Gas
- Headquarters: Irvine, US
- Website: www.firstelementfuel.com/
- Total disclosed funding: $48M
- Latest round: Series B (Jun 17, 2020)
- Investors on record: 2

## About

FirstElement Fuel, Inc., based in California, specializes in establishing hydrogen fueling infrastructure through its True Zero network, the largest of its kind globally, promoting sustainable transportation solutions for fuel cell electric vehicles.FirstElement Fuel, Inc. is focused on developing hydrogen fueling infrastructure for fuel cell electric vehicles (FCEVs). Founded in 2013 in Irvine, California, by Shane Stephens, the company has raised a total of USD 105.00 mn over 8 deals, with its most recent funding round being a VENTURE DEBT of USD 25.00 mn on October 19, 2023, from MUFG Bank.FirstElement Fuel Inc. specializes in the development and operation of hydrogen fueling infrastructure, primarily through its flagship True Zero network, which represents the most extensive network of hydrogen fueling stations globally. The company's core offering is the provision of hydrogen fuel for fuel cell electric vehicles (FCEVs), which emit only water vapor as a byproduct, thereby addressing the need for sustainable and clean transportation solutions. True Zero stations are strategically located to serve a diverse client base, including light-duty, medium-duty, and heavy-duty vehicle operators in urban and metropolitan areas across the United States, particularly in California, where demand for advanced transportation solutions is high. The company aims to facilitate the transition to hydrogen as a mainstream energy source by providing fast refueling capabilities, long-range mobility options, and supporting the overall shift towards a hydrogen economy.FirstElement Fuel Inc. generates revenue through partnerships and agreements with various stakeholders in the transportation and energy sectors. The company's revenue model includes B2B arrangements with vehicle manufacturers, fleet operators, and governmental agencies, as well as direct transactions with consumers who utilize their hydrogen fueling stations. By offering hydrogen fuel through their True Zero network, FirstElement Fuel establishes a transactional structure that allows partners and consumers to access fueling services as needed, potentially at set pricing plans determined by usage levels or subscription-based access for regular customers. The company also collaborates with investment partners to expand its infrastructure and market presence, strengthening its revenue channels by increasing the accessibility of hydrogen fuel in key U.S. markets.In October 2023, FirstElement Fuel, Inc. received an undisclosed amount of grant funding from returning investor California Energy Commission. The company will utilize this funding to enhance its platform and services. Future growth plans may include the development of new hydrogen fueling products, although specific product launches have not been disclosed. Additionally, FirstElement Fuel aims to expand its hydrogen fueling infrastructure into new regions and markets across the United States, focusing on areas with high demand for clean energy solutions.

## Funding rounds

- Series B, Jun 17, 2020, $48M — Mitsui Global Investment, Japan Bank for International Cooperation

## Investors

- Mitsui Global Investment (https://capitalatlas.ai/funds/mitsui-global-investment) — Series B
- Japan Bank for International Cooperation — Series B