Toyota Motor Corp. is funding a startup led by General Motors Co.'s former marketing chief to accelerate the opening of hydrogen fuel stations in California for zero-emission cars.
Toyota is backing FirstElement Fuel, led by Joel Ewanick, with an investment of at least $7.2 million, according to letters filed with the California Energy Commission and obtained by Bloomberg News. FirstElement, based in Newport Beach, California, plans to operate pumps and sell hydrogen for passenger cars from at least 19 new stations in California.
The automaker's support for the closely held company comes as California provides grants worth $46.6 million for hydrogen fuel stations that will help firms including Toyota, Hyundai Motor Co. and Honda Motor Co. build a market for hydrogen fuel-cell vehicles arriving this year and next.