May 10th, 2014
As part of Toyota’s commitment to deploy zero emission fuel cell vehicles in California, Lim Ruger represented Toyota Motor Credit Corporation (“TMCC”), a financial services affiliate of Toyota Motor Sales, U.S.A., Inc. (“TMS”), in providing financial assistance to FirstElement Fuel Inc. (First Element) to build hydrogen refueling stations throughout California. Lim Ruger represented TMCC with regard to a series of agreements documenting an arms’ length loan to First Element, subject to approval of a grant from the California Energy Commission expected in June. A network of hydrogen refueling stations has been planned, and California is investing $200 million to build 100 stations throughout the state with First Element and other developers. As announced at the Consumer Electronics Show in Las Vegas a few months ago, Toyota plans to launch its new fuel cell vehicles in 2015. Lim Ruger attorneys John Lim, Sandy Sakamoto and Paul Kim worked on this transaction.