Buckeye Partners Announces Strategic Investment In OneH2, A Provider Of Turn-Key Hydrogen Fuel Solutions

Buckeye Partners L.P. (“Buckeye”) announced today that it had made an equity investment in OneH2, Inc. (“OneH2”), a provider of hydrogen fuel supply and logistics solutions. OneH2 provides scalable hydrogen fuel production systems coupled with cost-effective delivered hydrogen fuel for use in transportation markets across a growing network in North America. OneH2 currently serves the forklift market and is developing projects for the heavy truck market as well as other transportation sectors.

“Buckeye is excited to partner with OneH2,” said Clark C. Smith, Buckeye’s President and CEO. “Energy logistics is our business and, through this investment, we can continue to do what we do best, providing fuels for end markets, while supporting the energy transition and reducing emissions. Buckeye’s investment in OneH2 highlights our focus on being an integral part of the next phase of the U.S. and global energy evolution.”

“OneH2 has found the right partner in Buckeye,” said OneH2 CEO, Paul Dawson. “They can provide the energy infrastructure support we need as our business scales to capitalize on the tremendous opportunity ahead. We have the right partners supporting our business and the right solution to serve the market’s growing demand for hydrogen.”

Buckeye led the most recent investment round in OneH2, which included Navistar International Corporation, Trafigura Group, Sumitomo Corporation and The Pape Group. The complementary strategic investors bring a spectrum of capabilities to support OneH2 in advancing its business, including energy infrastructure expertise, demand from hydrogen forklift fleets, hydrogen heavy truck development programs, and fuel supply and distribution capabilities.