Mitsui and JBIC’s Investment in FirstElement Fuel

Blank Rome represented FirstElement Fuel, Inc.

Mitsui & Co., Ltd. and Japan Bank for International Cooperation have invested in FirstElement Fuel, Inc.

Japan’s Mitsui has invested $25 milion, while JBIC invested 23 million.

FirstElement is the biggest developer and operator of hydrogen stations in California. 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. This latest capital raise, which follows a previous capital raise in March 2019, will be used to expand FirstElement’s existing hydrogen-station network and allow FirstElement to collaborate with Mitsui on multiple initiatives to reduce the costs associated with FCEVs and expand into new business areas and regions.

The Blank Rome team was led by Los Angeles corporate attorneys Jason S. Kim (Picture), Jonathan T. Keen, and Justin A. Stein, with valuable assistance from Shadi Enos Jahangir, George T. Boggs, Joseph M. Doloboff, Joshua A. Bachrach, and Jose A. Manalo Jr.

Involved fees earner: Joshua Bachrach – Blank Rome LLP; George Boggs – Blank Rome LLP; Joseph Doloboff – Blank Rome LLP; Shadi Enos Jahangir – Blank Rome LLP; Jonathan Keen – Blank Rome LLP; Jason Kim – Blank Rome LLP; Jose Manalo Jr. – Blank Rome LLP; Justin Stein – Blank Rome LLP;

Law Firms: Blank Rome LLP;

Clients: FirstElement Fuel Inc.;

Author: Ambrogio Visconti