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

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230906444441/en/

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.

CHEVRON CORPORATION CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “progress,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the ability to successfully integrate the operations of Chevron and PDC Energy, Inc. and the anticipated benefits from the transaction, including the expected incremental annual free cash flow; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 26 of the company’s 2022 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

“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.

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