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FirstElement Fuel

FirstElement Fuel operates the True Zero network, the world's most extensive hydrogen fueling station network, supporting zero-emission vehicle transportation.

Secondary Market Price

Updated: 
Jan 2026
Current Preferred Price
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Prospect Projected FMV
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Company Valuation
Updated: 
Jan 2026
Energy
Industry
Irvine, CA
Headquarters
2013
Year Founded
130+
Employee Count

How FirstElement Fuel Measures Up

To help you manage your FirstElement Fuel equity, Prospect has run the company through our machine learning model.

Prospect Rating

This rating reflects our belief in this company's potential to grow to that many times its current value in 4 years. For an employee with stock, this rating suggests a potential return on equity, but it also comes with some risk.

Exit Risk

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Our rating is a reflection of the likelihood of this company achieving a liquidity event for its employees based on the quality of investors, funding stage, founders, and more.

Funding Stage

Series D

A company’s funding stage reflects how established it is, how quickly it is scaling, and the average impact an employee may have when joining.

Est val --
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Jan 13, 2026

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Prospect Projected Future FirstElement Fuel Prices

Prospect’s machine learning model has been trained on the same data top-tier investors use to project the likely range of outcomes for FirstElement Fuel's equity. Create a free account to view 10th-90th percentile projections over 2, 4, and 6 years.

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Company Description

FirstElement Fuel is a company focused on hydrogen as a transportation fuel. It currently operates the True Zero network, a series of hydrogen fueling stations that support light-duty, medium-duty, and heavy-duty vehicles. The company's services are centered on providing fast refueling with water vapor as the only byproduct. The company's history dates back to at least 2014, which is when it began forming key partnerships with organizations including Honda, Toyota, and the California Energy Commission.

The company's stated future plans involve accelerating the widespread adoption of hydrogen fuel and expanding its infrastructure to help build a hydrogen economy. While there have been no explicit recent announcements, FirstElement Fuel has brought on new investment partners between 2021 and 2023, including NIKKISO, MUFG, Mitsubishi HC Capital, and Air Water. These partnerships suggest ongoing expansion and development of its hydrogen fueling network.

FirstElement Fuel Notable Investors

  • Toyota Motor North America
  • Air Water
  • MUFG Bank
  • Nikkiso
  • Japan Infrastructure Initiative
  • Mitsui & Co.
  • Japan Bank for International Cooperation
  • Air Liquide

FirstElement Fuel Founders

  • Co-Founder, Executive Chairman of the Board Joel Ewanick
  • Co-Founder, Chief Development Officer Shane Stephens
  • Co-Founder, President Tim Brown

Peer Group Comparison

Vs Peer Group of >$4B Startups

Frequently Asked Questions

Is Anduril worth joining?

Joining Anduril as an employee is another way to acquire equity, typically through stock options included in compensation packages.

Is FirstElement Fuel worth joining?

Deciding whether to join a private company like FirstElement Fuel depends on its growth prospects and the value of its compensation package. Tools like Prospect can help you analyze the potential future value of your equity to make a more informed decision.

What should I do with my FirstElement Fuel stock?

Managing private company stock involves complex decisions around when to exercise options and how to minimize taxes. Platforms like Prospect provide personalized strategies and tools to help you optimize the value of your equity.

Can you sell FirstElement Fuel stock?

Selling stock in a private company is often possible through secondary markets or company-approved tender offers, though restrictions may apply. Prospect offers tools to help you navigate these sales and identify tax-optimal shares to sell.

How can I find the value of my FirstElement Fuel stock?

The value of private stock is typically determined by the company's latest 409A valuation and trading prices on secondary markets. You can use platforms like Prospect to access predictive models and secondary market data to better understand your stock's potential worth.

What is FirstElement Fuel's equity worth?

A private company's equity value is based on its most recent valuation, but this can change quickly with new funding rounds or business performance. To understand the potential future value of your specific holdings, you can use financial modeling tools like those offered by Prospect.

What is FirstElement Fuel's stock ticker symbol?

As a private company, FirstElement Fuel is not traded on a public stock exchange and therefore does not have a stock ticker symbol. Ticker symbols are assigned only when a company undergoes an Initial Public Offering (IPO).

Can I buy or sell FirstElement Fuel stock?

Selling stock in a private company like FirstElement Fuel is typically done through secondary markets or tender offers, and platforms like Prospect can assist with this process. Buying stock is generally restricted to employees or accredited investors participating in specific funding rounds.

What is the criteria to buy or invest in FirstElement Fuel stock?

Investing in a private company is typically limited to accredited investors who meet specific financial criteria set by securities regulators. Opportunities to invest may also arise during official funding rounds, but these are not generally open to the public.

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