About First Mode
First Mode develops engineering solutions for complex challenges in various fields, including clean energy, planetary exploration, and sustainable transportation. Their products, such as hydrogen fuel cell vehicles, are designed to be resilient and reliable, catering to clients like mining companies and space agencies. By using a multidisciplinary approach, First Mode creates practical and sustainable systems tailored to specific client needs. Unlike many competitors, they focus on pushing the boundaries of current technology while ensuring their solutions are applicable in real-world scenarios. The company's goal is to address demanding technical challenges while promoting sustainability across industries.
Seattle, WashingtonHeadquarters
2018Year Founded
$194.5MTotal Funding
ACQUISITIONCompany Stage
Industrial & Manufacturing, Energy, AerospaceIndustries
201-500Employees
Risks
Filed for Chapter 11 bankruptcy due to halted funding from Anglo American.
Significant workforce reductions could lead to loss of critical talent and expertise.
Shift from hydrogen to hybrid powertrains may alienate zero-emission-focused clients.
Differentiation
First Mode specializes in decarbonization solutions for heavy industries like mining and rail.
They offer vehicle retrofits for diesel hybrid, battery electric, and hydrogen fuel systems.
Their multidisciplinary approach ensures innovative, practical, and sustainable engineering solutions.
Upsides
Strategic alliance with Mitsui to scale clean energy solutions for heavy industry.
Opening of a smart manufacturing factory in Seattle enhances production efficiency and flexibility.
Hybrid electric vehicle retrofit reduces truck fuel use and emissions by up to 25%.
Funding
Total raised$194.55 M
Latest valuation$1.00 B
StageACQUISITION
ACQUISITION
11/30/2022$200
SERIES A
12/31/2021$200
$1.00 B