Mitsui & Co.: Invested in First Element Fuel: Operating hydrogen stations at 20 locations in California
Los Angeles
June 24, 2020
Mitsui & Co., Ltd. and Japan Bank for International Cooperation:
On June 17, it announced that it has signed a joint ownership agreement with FEF: First Element Fuel in California, USA.
Investment amount:
Mitsui will cap a total of $25 million and JBIC will cap a total of $23 million.
FEF: FirstElement Fuel
FEF was established in 2013.
Automakers such as Toyota and Honda participate.
California Energy Commission,
California Air Resources Board
Received support from.
FEF currently operates 20 hydrogen stations in California, the world’s largest market with 8,300 FCVs.
This investment will be used to strengthen the hydrogen station network.
Mitsui:
can get synergy with the Swedish lightweight high-pressure hydrogen tank manufacturing company that invested in 2016.
Expansion of hydrogen stations:
The expansion of hydrogen stations by FEF will contribute to the expansion of FCV sales by Toyota and Honda.
The FCV has a very short hydrogen filling time of 3 minutes, making it easy to extend the cruising range.
It has been pointed out that the fact that “the number of hydrogen stations has not increased” is an obstacle to the spread.
-JETRO
https://www.jetro.go.jp/biznews/2020/06/92409a2ba3c6e9fe.html
Equity Participation in FirstElement Fuel Inc. in the United States
June 17, 2020
The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi)
signed on June 16 a shareholders’ agreement for a joint investment with Mitsui & Co., Ltd. (Mitsui), of up to approximately USD23 million (JBIC portion) in FirstElement Fuel Inc. (FEF) in the United States. JBIC will invest through its Special Operations Account*1.
Since its incorporation in 2013, FEF
has received support from companies such as
Toyota Motor Corporation (Toyota) and Honda Motor Co., Ltd. (Honda)*2 and from public agencies such as
- the California Energy Commission,
- California Air Resources Board,
- the South Coast Air Quality Management District,
- the Bay Area Air Quality Management District.
The company is currently operating hydrogen stations in 20 locations across the State of California, which is one of the largest markets for hydrogen fuel cell electric vehicles (FCEVs) globally.
The funds will be used to expand FEF’s hydrogen station network.
Through its investment in FEF,
Mitsui
aims to gain a stronger foothold in the global hydrogen business by acquiring insight into hydrogen demand creation and the downstream hydrogen business,
as well as creating synergies between a Norwegian manufacturer of lightweight high-pressure hydrogen tanks in which Mitsui invested in 2016.
Moreover, FEF’s expansion of the hydrogen station network in California is expected to help increase sales of Toyota’s and Honda’s FCEVs in the state.
In this way, JBIC’s investment in FEF
is intended to support the overseas expansion of these Japanese companies as well as to contribute to maintaining and enhancing the international competitiveness of Japanese industry.
JBIC Japan Bank for International Cooperation
https://www.jbic.go.jp/en/information/press/press-2020/0617-013499.htm