Sumitomo Corporation of Americas (SCOA; New York, N.Y.), the largest subsidiary of Sumitomo Corp., announced its investment in OneH2, a hydrogen fuel company headquartered in Longview, North Carolina. SCOA’s investment will help the company deploy full turnkey hydrogen solutions, creating a national fuel production and distribution network to serve transportation markets at a competitive price.
OneH2 is a hydrogen production and distribution company providing fuel primarily for forklifts nationwide. The company delivers hydrogen fuel that is ready for immediate use, already converted to high-pressure gaseous fuel that takes only minutes to dispense. Their solution is both mobile and scalable.
The new growth capital provided by SCOA and other investors will be used to provide modular hydrogen production units, storage and dispensing at the point of refueling, which is often on-site at logistics and distribution centers to provide fuel for forklift and truck fleets. Looking ahead, the company sees significant opportunity working with retail points of sale such as truck service centers and gas stations as adoption of hydrogen for truck and passenger vehicle fleets continues to build. The ultimate goal is that the modular units combined with the company’s investments in fuel production hubs will form an efficient and highly scalable hydrogen fuel network.
“We are thrilled to announce our participation in OneH2’s effort to provide solutions in the emerging hydrogen fuel space,” said Kazuki Yamaguchi, Senior Vice President and General Manager, Energy Group, Sumitomo Corporation of Americas. “Globally, Sumitomo Corporation is engaged in several hydrogen projects and we look forward to drawing on our experience and collaborating with OneH2. We believe that innovations in the hydrogen value chain are necessary for hydrogen to become a widely used fuel source, and the ecosystem OneH2 is creating will help propel those innovations into the market.”
SCOA is an avid investor in hydrogen technology and OneH2 marks the company’s first foray into the commercial hydrogen space. With its integrated global network, ties to emerging technologies and longstanding relationships throughout the transportation market, SCOA is well positioned to help OneH2 achieve its growth goals. Furthermore, this investment aligns with SCOA’s company values and is a strategic move by SCOA to aid in building a more sustainable society.