Buckeye Partners Announces Strategic Investment in OneH2, a Provider of Turn-Key Hydrogen Fuel Solutions

HOUSTON, Jan. 27, 2021 (GLOBE NEWSWIRE) — 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.

About Buckeye Partners

Buckeye Partners, L.P., a wholly owned investment of the IFM Global Infrastructure Fund, owns and operates a diversified global network of integrated assets providing logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye’s global terminal network comprises more than 115 liquid petroleum products terminals with aggregate tank capacity of approximately 127 million barrels across its portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean. Buckeye’s global network of marine terminals enables it to facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centers through some of the world’s most important bulk storage and blending hubs. Buckeye also has an equity interest in Freeport LNG’s second liquefaction train, a facility in the Gulf Coast exporting natural gas to end markets around the world. More information concerning Buckeye can be found at www.buckeye.com.