Mitsui invests $25m in FirstElement Fuel

Japan’s Mitsui has invested $25m in California’s biggest hydrogen station developer and operator FirstElement Fuel (FEF).

With around 8,300 light-duty fuel cell electric vehicles (FCEVs) on its roads as of April 2020, California is the world’s biggest FCEV market.

FEF operates 20 hydrogen stations, which is one-half of the total number in California. It aims to expand its network of stations in step with the spread of FCEVs.

With this latest investment, which follows a previous investment in March 2019, Mitsui will collaborate with FEF on multiple initiatives to reduce the costs associated with FCEVs, as well as leveraging FEF’s functions and knowhow accumulated in the automobile market to expand into new business areas and regions.

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