On November 5, Air Water invested through its affiliate Air Water America US$50million (approx.JPY5.5 billion) to First Element Fuel (FEF) headquartered in Irvine, Ca. USA, represented by Joel Ewanick, CEO, which is engaged in the development and management of hydrogen stations in North America.

FEF is a startup company founded in 2013 which operates a hydrogen station at 31 locations now in the State of California, and aims to develop a hydrogen station network having 80 locations across the State by 2024.

What Air Water has acquired this time is so-called a preferred stock, which is mainly used by startup companies to procure funds and provides benefits at the side of dividend and asset, although there are some restrictions in their involvement into a corporate management like a voting right. Air Water is now working on the mechanical engineering business like liquefied gas storing in North America. Taking the opportunity of this investment, the company has an eye to expand the business in LH2 tank and trailer for hydrogen stations and also plans to advance into the supply business foreseeing the future including the production and sales of LH2.

To FEF a startup company in the hydrogen station field other companies like Toyota, Honda and Mitsui have so far invested. This time also, Mitsubishi UFJ and Nikkiso other than Air Water acquired a preferred stock. A total investment amounts to approximately JPY11.5 billion. Air Water accepts the largest portion of the total amount of investment.