US midstream investor Buckeye Partners has led an investment round support hydrogen fuel supply and logistics firm OneH2.
Buckeye, which has a global terminal network of more than 115 liquid petroleum products terminals with a total capacity of 127 million bbl, as well as around 9,700 km of pipelines, was joined in the investment round by companies including Navistar International Corporation, Trafigura Group, Sumitomo Corporation and the Pape Group. The investors will bring a variety of expertise to OneH2, including energy infrastructure expertise, demand from hydrogen forklift fleets, hydrogen heavy truck development programs, and fuel supply and distribution capabilities.
OneH2 is seeking to create a competitively priced US national fuel production and distribution network to serve transport markets. Its scalable hydrogen fuel production systems already serve part of the forklift market and it is now developing projects for the heavy truck market.
‘Buckeye is excited to partner with OneH2. 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 US and global energy evolution,’ says Clark C. Smith, Buckeye’s president and CEO.
OneH2 CEO, Paul Dawson adds: ‘OneH2 has found the right partner in Buckeye. They can provide the energy infrastructure support we need as our business scales to capitalise 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.’