Chevron, Trafigura and Papé Group Close Investment in Downstream Hydrogen Business OneH2

Rhea-AI Summary

OneH2 closes funding round led by Chevron and current investors, funds to be used for development of hydrogen generators and fuel distribution solutions

Positive

• Chevron's investment demonstrates commitment to exploring diverse energy sources and technologies
• Investment by Trafigura and The Papé Group shows confidence in OneH2's strategic direction

Negative

• None.

LONGVIEW, N.C.--(BUSINESS WIRE)-- Hydrogen distribution and fueling business OneH2 has closed its latest funding round with investments led by Chevron U.S.A. Inc. and current investors Trafigura and The Papé Group. Terms of the transactions were not disclosed.

Funds from the round will be used to help accelerate the development and deployment of mid-scale hydrogen generators and fuel distribution solutions, which will enable OneH2 and its channel partners provide lower carbon solutions to its customers.

“We welcome Chevron's investment and eagerly anticipate collaborating with one of the world's largest vertically integrated energy companies,” said Paul Dawson, OneH2’s president and CEO. “The OneH2 team deeply appreciates the steadfast support from our existing investors as we continue to invest in hydrogen infrastructure across the United States. Each of our investors will play a pivotal role in shaping the trajectory of OneH2 and contributing to the advancement of the broader hydrogen industry.”

Chevron's decision to lead the round demonstrates its ongoing commitment to exploring diverse energy sources and technologies. By investing in OneH2, Chevron aims to play a key role in driving hydrogen as a viable, pragmatic and economical energy source.

“At Chevron, we believe affordable, reliable and ever-cleaner energy is essential to enabling human progress, and we believe the use of lower carbon intensity hydrogen as a fuel source can help reduce emissions,” said Nuray Elci, Chevron’s general manager of Renewables. “We are excited to work with the team at OneH2 and other partners to help build the fueling infrastructure for hydrogen vehicles, moving this technology forward.”

Additional investment by Trafigura and The Papé Group represent their continued confidence in OneH2’s strategic direction and their commitment to bringing practical, hydrogen fueling technology to the market.

“This is our third equity investment in OneH2, showing our support for the progress that they’re making and scalability of their business, we are encouraged about the growth inflection point OneH2 is reaching and what it means for hydrogen adoption in the US,” said Julien Rolland, Head of Renewables and Strategic Investments for Trafigura.

Jordan Papé, president and CEO of The Papé Group, added, “Papé provides solutions that maximize our customers’ uptime while staying abreast of regulatory trends in the lower carbon energy sector. Our investment in OneH2 will allow us to continue to provide solutions for our customers both today and into the future.”

About Chevron:

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable, and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals, and additives; and develops technologies that enhance our business and the industry. We aim to grow our traditional oil and gas business, lower the carbon intensity of our operations, and grow new lower carbon businesses in renewable fuels, hydrogen, carbon capture, offsets and other emerging technologies. More information about Chevron is available at www.chevron.com.

About OneH2:

Based in Longview, NC, OneH2 is a leader in hydrogen solutions, providing holistic production, delivery, and equipment maintenance services for hydrogen fuel. OneH2 produces and delivers hydrogen fuel across the U.S. and maintains a growing network of on-site hydrogen generators and delivery locations. OneH2 offers scalable end-to-end hydrogen fuel solutions that enable emission-free mobility operations, including hydrogen buy-back programs and custom configurations to suit each business’s needs.

About Trafigura:

Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and a worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through joint ventures H2Energy Europe and Nala Renewables.

The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries. Visit: www.trafigura.com

About Papé Group:

Papé is the premier capital equipment provider in the West. For 85 years, Papé has worked to maximize customers' uptime through top-quality equipment, convenient maintenance service, and the best customer service. As the leading supplier of construction, logging, material handling, landscaping, trenching, and farm equipment, as well as semi-trucks and warehouse products, this fourth-generation family-owned company is dedicated to providing customers with quality products and unmatched service. Papé’s involvement in OneH2’s investment round reflects its commitment to providing customers with end-to-end solutions that meet their operational and sustainability goals.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230906444441/en/

For OneH2

administration@oneh2.com

844-996-6342

For Chevron

Ross Allen, External Affairs

media@chevron.com

Source: Chevron U.S.A. Inc.