Sumitomo Corporation of Americas Makes Strategic Investment in Hydrogen Fuel Provider OneH2
NEW YORK, Jan. 27, 2021 /PRNewswire/ -- Sumitomo Corporation of Americas ("SCOA"), the largest subsidiary of Sumitomo Corporation, one of the world's largest traders of goods and services, announced today 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.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has eight offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world's leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. Its core business units include Tubular Products, Environment and Infrastructure, Steel and Non Ferrous Metals, Transportation and Construction Systems, Chemicals and Electronics, Media and IOT Applications, Real Estate, Mineral Resources and Energy, and Food. For more information, visit www.sumitomocorp.com.
About OneH2
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 transportation markets. For more information about OneH2, Inc. visit the Company's website at www.oneh2.com.
SOURCE Sumitomo Corporation of Americas
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