OneH2 Acquires Nuvera Powertap Hydrogen Generator Business
Hydrogen Fuel Company OneH2 Acquires All of Nuvera's PowerTap® Assets
Feb 26, 2019, 13:31 ET
LONGVIEW, N.C., Feb. 26, 2019 /PRNewswire/ -- OneH2 has signed a definitive agreement to acquire all hydrogen generation and production assets belonging to Nuvera Fuel Cells, LLC, a wholly owned subsidiary of Hyster-Yale Materials Handling, Inc. This acquisition also provides OneH2 with a limited license to manufacture small scale hydrogen generators, currently sold under the PowerTap® brand.
OneH2, a North Carolina based hydrogen fuel company, has developed a highly scalable solution for hydrogen fuel production and distribution. Through their innovative, delivered hydrogen fuel model, OneH2 provides low-cost installation and rapid deployment of refueling infrastructure to support widespread uptake of hydrogen powered trucks and vehicles. The Nuvera acquisition further strengthens the OneH2 business model by adding agile small-scale hydrogen production technology.
Prior to OneH2, existing hydrogen powered truck sales were generally limited to users who could afford a large capital investment associated with the traditional means of storing and preparing un-compressed hydrogen for on-site refueling. In 2017, through distributors such as OneH2 Southeast, OneH2 introduced a strategy of offering hydrogen powered truck users possessing small to medium-sized fleets the ability to have access to ready to use compressed hydrogen fuel without the need for a large capital investment.
Paul Dawson, President & CEO of OneH2, commented, "I was already very excited about the speed at which our company was growing, and I am confident that this acquisition will engender even swifter growth. The demand for a cleaner, more efficient energy source has surfaced in both the industrial and on-road truck market, and OneH2 is positioning itself to play a leadership role in fulfilling that growing demand."
ABOUT ONEH2, INC.
OneH2, Inc., headquartered in Longview, North Carolina, is a privately held, vertically integrated hydrogen fuel company. OneH2 is emerging as a leader in providing scalable hydrogen fuel systems coupled with cost effective delivered hydrogen fuel for use in industrial vehicle and truck markets. For more information about OneH2, Inc. visit the Company's website at www.oneh2.com.
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SOURCE OneH2, Inc.