# FirstElement Fuel funding: rounds and investors

> FirstElement Fuel has raised $24M across 2 rounds since 2019. Investors include MUFG Bank, California Energy Commission and Air Liquide Ventures.

Source: https://millionrounds.com/company/firstelement-fuel (Millionrounds; every figure on the page links to its filing or article)

United States · [Venture startup](https://millionrounds.com/companies)

# Who invested in *FirstElement Fuel*

2 rounds we have observed, with the 4 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.

Cleantech Energy

Raised 11 months ago

Funding summary Updated 26 Oct 2026

**$24M** raised across 2 rounds since 2019, from 2 sources

- **Latest round:** Venture Dec 2025
- **Biggest round:** $24M Round · Apr 2019
- **Investors:** 4

See who backed them

## The funding story

Each circle is a round, placed by date and sized by amount. The line above is the running total.

2019 2020 2021 2022 2023 2024 2025

**$24M** Round

**?** Venture

- **First round:** Round, $24M
- **Biggest round:** $24M
- **Between rounds:** 6.7 years

## The rounds

- **Dec 2025** Venture **Amount undisclosed** *2 new* [MUFG Bank](https://millionrounds.com/fund/mufg-bank) [California Energy Commission](https://millionrounds.com/fund/california-energy) Source recorded
- **Apr 2019** Round **$24M** *2 new* [Air Liquide Ventures](https://millionrounds.com/fund/air-liquide-ventures) Hy Solution Reported by FinSMEs

## Who was in which round

The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.

**Round** 2019 **Venture** 2025 [MUFG Bank](https://millionrounds.com/fund/mufg-bank) [California Energy Commission](https://millionrounds.com/fund/california-energy) [Air Liquide Ventures](https://millionrounds.com/fund/air-liquide-ventures) Hy Solution

## Everyone who backed them

[MUFG Bank](https://millionrounds.com/fund/mufg-bank) Investment firm **1** round

[California Energy Commission](https://millionrounds.com/fund/california-energy) Government **1** round

[Air Liquide Ventures](https://millionrounds.com/fund/air-liquide-ventures) Corporate VC **1** round

Hy Solution no record of our own yet **1** round

Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=firstelement-fuel).

## Quick answers about FirstElement Fuel

### Who invested in FirstElement Fuel?

FirstElement Fuel's investors include MUFG Bank, California Energy Commission, Air Liquide Ventures and Hy Solution.

### How much has FirstElement Fuel raised?

FirstElement Fuel has raised $24M across 2 rounds since 2019. One round did not disclose an amount, so the total is a floor.

### When did FirstElement Fuel last raise?

FirstElement Fuel's most recent round was a Venture in Dec 2025.

### What was FirstElement Fuel's biggest round?

FirstElement Fuel's largest round on record is $24M (Undisclosed round), in Apr 2019.

### Who backed FirstElement Fuel first?

FirstElement Fuel's first round on record, in Apr 2019, was backed by Air Liquide Ventures and Hy Solution.

### What stage is FirstElement Fuel at?

FirstElement Fuel's latest named round is a Venture, in Dec 2025.

### Where is FirstElement Fuel based?

FirstElement Fuel is based in the United States.

## Companies like FirstElement Fuel

In the same sector, and raised in the last eighteen months.

[**Amogy** $125M · Oct 2026](https://millionrounds.com/company/amogy)[**LanzaJet** $67M · Oct 2026](https://millionrounds.com/company/lanzajet)[**Pivot Energy** $500M · Oct 2026](https://millionrounds.com/company/pivot-energy)[**Pennsylvania American Water** $43M · Oct 2026](https://millionrounds.com/company/pennsylvania-american-water)[**Peak Energy** $163M · Oct 2026](https://millionrounds.com/company/peak-energy)[**Vertical Semiconductor** $84M · Oct 2026](https://millionrounds.com/company/vertical-semiconductor)

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