MUFG Bank has closed its first hydrogen-linked loan agreement worth $50m with US-based FirstElement Fuel (FEF) to finance expansion of the company’s hydrogen fuel station network.
In supporting FEF’s expansion of its hydrogen distribution infrastructure, MUFG hopes to gain further knowledge on California’s innovative hydrogen business and benefit its stakeholders and society in the US and Japan.
FEF is one of California’s largest developers and distributers of hydrogen fuel stations funded by institutions such as Mitsui and the Japan Bank for International Cooperation (JBIC).
The Californian company operates more than half of the region’s hydrogen stations with another 57 large-capacity hydrogen stations under various different phases of development.
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