MUFG grants $50m loan to California’s largest hydrogen fuel station business

FEF operates more than half of the US state’s hydrogen stations.

MUFG Bank has closed its first hydrogen-linked loan agreement with FirstElement Fuel (FEF), Califronia’s largest developer and distributor of hydrogen fuel stations, with a $50m facility, the bank said in a press release.

The loan will be used to finance the expansion of FEF’s hydrogen fuel station network for electric vehicles. California is reportedly the world’s largest market for hydrogen fuel cell electric vehicles (FCEV), notes MUFG.

Of this, FEF operates more than half of California’s hydrogen stations, is one of the world’s largest hydrogen retailers, and has a further 57 large-capacity hydrogen stations under various phases of development in California.

FEF is funded by institutions such as Mitsui & Co. as well as the Japan Bank for International Cooperation (JBIC). JBIC signed a memorandum of understanding with the California state government in order to expand opportunities for US-Japan cooperation and boost Japanese businesses in various fields of sustainability, including environmental protection.