Air Water Invests in Leading Hydrogen Station Developer and Operator FirstElement Fuel, Inc.

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We are pleased to announce that Air Water, Inc. (“AWI”) has invested in California-based FirstElement Fuel, Inc. ("FEF"), the leading developer and operator of hydrogen fuel stations.

As part of our continued development in North America, we promote new initiatives and investments related to the hydrogen infrastructure and supply chain in all aspects of production, sales, and distribution of liquid hydrogen.

Promoting the commercialization of hydrogen as a cost-effective, clean fuel source in the United States

We are pleased to announce that Air Water, Inc. (“AWI”) has invested in California-based FirstElement Fuel, Inc. ("FEF"), the leading developer and operator of hydrogen fuel stations. On November 2, 2021, AWI invested ~$50M in exchange for preferred stock in FEF. The investment will be made through Air Water America, Inc. (“AWA”), a wholly owned subsidiary headquartered in New Jersey.

Founded in 2013, FEF is the world’s largest hydrogen retailer. They operate 31 of the 52 hydrogen stations in California, one of the world's leading markets for hydrogen-fueled fuel cell electric vehicles. FEF aims to build a network of 80 hydrogen stations in the state by the year 2024.

Ryosuke Matsubayashi, President & CEO Air Water America states, “As part of our continued development in North America, we promote new initiatives and investments related to the hydrogen infrastructure and supply chain in all aspects of production, sales, and distribution of liquid hydrogen. When the hydrogen society commercializes in Japan, we will get our Japanese hydrogen business established quickly by using products and technologies developed in the US. We are excited for our future partnership with FEF as they continue to expand in California and beyond.”

In addition to our investment in FEF, we aim to further support the expansion of FEF’s hydrogen fuel station network by providing equipment solutions for FEF's hydrogen station operations, including liquid hydrogen bulk tanks, liquid hydrogen trailers, and refuelers. AWA’s subsidiary, Taylor-Wharton (“TW”) has recently executed a MOU for new product development and a Supply Agreement for the supply of hydrogen storage, transportation, and refueling equipment with FEF. “We are thrilled to support FEF’s strategic growth plan and contribute to reducing carbon emissions via hydrogen fuel cell electric vehicle deployment”, notes Eric Rottier, COO Air Water America and CEO Taylor-Wharton.

FEF has raised $105M through this Series-D issuance and Air Water America Inc. took the highest underwriting amount in this round.

About Air Water Inc.: Air Water, established in 1929, is one of global leading industrial gas manufacturers. Air Water’s operations are based on industrial gas and related applications and has expanded its business to a great variety of fields, including medical, energy, chemical, agriculture & food and more. To achieve further growth, Air Water has been focusing on developing its business globally and supplies industrial gas in India, Vietnam, and North America in addition to Japan. In the United States, Air Water America, and its group of companies Taylor-Wharton, TOMCO2 Systems, AW-AMCS, and Precision Fabricators provide complete industrial gases solutions including gas supply, related engineering, product for storage and transport and various types of gas applications. http://www.awi.co.jp/english/

About FirstElement Fuel Inc.: FirstElement Fuel Inc is a California-based company established in 2013 to provide safe, reliable, retail hydrogen to customers of fuel cell electric vehicles and heavy-duty trucks. The company is the developer, owner, and operator of the True Zero brand of retail hydrogen stations, which currently represents the largest retail hydrogen station network in the world. http://www.firstelementfuel.com

About Taylor-Wharton: Taylor-Wharton®, a wholly owned subsidiary of Air Water, Inc. of Japan produces a comprehensive range of cryogenic equipment for storage, transportation, and regasification purpose catering to all aspects of the cold chain supply for Industrial Gas, Hydrogen, and LNG applications. Our products are used in fuel cell, trucking, marine, mine haul, liquefaction, oil and gas, drilling, municipalities, industrial, biomedical R&D, healthcare, bio banking, pharmaceutical, biotechnology, animal fertility and research, metal fabrication, medical, food and beverage, semiconductor, aerospace, construction, and petrochemical markets. Tracing its roots to 1742, TW celebrated its 275th Anniversary in 2017. Visit Taylor-Wharton at http://www.twcryo.com.

Media Contacts
Air Water America| Taylor-Wharton
Jeff Holyoak – media@twcryo.com

FirstElement Fuel, Inc
Dr. Shane Stephens, Founder & CDO - shane.stephens@truezero.com

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Jeff Holyoak