First Mode Announces Strategic Alliance to Scale Clean Energy Solutions for Heavy Industry with Mitsui & Co., Ltd

SEATTLE, April 8, 2024 /PRNewswire/ -- First Mode, the pioneering developer and manufacturer of decarbonization products for heavy industry, today announces a strategic alliance with Mitsui & Co., Ltd, ("Mitsui") the international trading company and investment group with extensive interests in the mining industry, to accelerate heavy industry's adoption of low-carbon and zero-emissions product solutions at scale.

First Mode's considerable expertise in powertrain systems electrification and hydrogen technologies, coupled with Mitsui's global business network, will uniquely equip the alliance to explore new business opportunities that catalyze the integration of First Mode's Path to Zerotm product line into previously hard-to-abate sectors like mining.

"We are honored to enter into a strategic alliance with Mitsui to support and help scale our solutions that are proven to reduce heavy industry's polluting outputs. The collaboration underscores our shared commitment to sustainability and the critical role of partnerships when addressing complex global challenges through innovation," said Julian Soles, CEO of First Mode.

In mining, a typical heavy-haul truck burns about 1 million liters of diesel fuel per year and remains in continuous operation for 10-15 years. Across First Mode's customer market, over 13,000 of these trucks are in global operation, releasing 35 million metric tons of carbon dioxide annually ? the equivalent emissions of 8 million passenger cars per year.

To help the sector achieve its goal of 85-100% emissions reduction by 2050, First Mode's Path to Zerotm product line begins with a low-risk hybrid electric vehicle (HEV) retrofit that requires no infrastructure changes and uses regenerative braking to decrease truck fuel use and carbon emissions by up to 25%. From there, the HEV's interoperable "feed forward" design enables mining companies to complete their fleet conversion to zero-emissions using First Mode's full battery or next-generation hydrogen fuel cell EV drivetrains at a pace and timeline that they control.

"Mitsui recognizes First Mode as a pioneer in decarbonization solutions for the mining sector, particularly in the replacement of diesel fuel. Our relationship with them dates back to 2020, when we first explored the possibility of testing their early-stage fuel cell innovation at one of our mine sites. As such, we are eager to support their growth by leveraging our presence in the mining, mobility, and other heavy industries. Moreover, we will utilize our capabilities in renewable energy, green hydrogen, and hydrogen-derived synthetic fuels, along with our extensive network and investments in the clean energy sector, which includes batteries and hydrogen-related solutions like storage tanks. These efforts align with our commitment to a sustainable future," said Ken Ito, General Manager of Mitsui's Coal & Carbon Solution Division.

First Mode has been working in the mining sector since 2018, with successes that include developing the world's first and largest hydrogen fuel cell electric truck in partnership with Anglo American's nuGentm zero emissions technology program. In 2023, following a capital investment and supply agreement with Anglo American that made Anglo American not only the majority shareholder but also a key customer, First Mode launched its Path to Zerotm product line of diesel hybrid, battery electric, and next-generation hydrogen fuel cell drivetrains.

Nothing like the First Mode Path to Zerotm product line exists in the market today because its sequential retrofit approach to decarbonization helps mining, rail, and other heavy industry companies safeguard their original haulage investments while also starting, progressing, and succeeding on their path to zero emissions.

About First Mode

First Mode develops and manufactures decarbonization solutions for heavy industry partners dedicated to the clean energy future. With a product mix of vehicle retrofits that enable diesel hybrid, battery electric, and hydrogen fuel cell systems, we accelerate mining and rail fleets on their Path to Zerotm emissions. Our full solutions suite, including infrastructure and haulage systems innovations, proves decarbonization is possible even in constrained environments ? for people and planet. Learn more at www.firstmode.com.

About Mitsui
Mitsui & Co., Ltd, is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders.

Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials and providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition. Visit www.mitsui.com for more information.

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SOURCE First Mode