Hydrogen Hubs Developing utility scale production, storage, and transport infrastructure for hydrogen in the U.S. Hydrogen is poised to play a critical role in enabling the decarbonization of energy intensive sectors As the U.S. continues down the path of deep renewable penetration, hydrogen is emerging as a critical solution for long-duration renewable storage as well as a carbon free fuel for energy intensive sectors like transportation, power, and other heavy industries. Hydrogen “hubs” will serve as regional production, storage, and transportation centers for this emerging energy system. Why Hydrogen Now? Regulatory tailwinds including the Inflation Reduction Act and strong RPS Mandates are accelerating deployment of hydrogen in the U.S. and abroad. Green hydrogen supports sector coupling by converting curtailed renewable energy into a carbon-free fuel source for transportation and other heavy industries. When paired with cavern storage, hydrogen provides a cost effective method of long-duration renewable storage at a scale that has meaningful impact to regional grids. Featured Portfolio Company Advanced Clean Energy Storage I (ACES I) is the first project company of ACES Delta, a joint venture between Chevron and Mitsubishi Power Americas. ACES I is currently under construction and will use 220MW of electrolyzers paired with two salt caverns, capable of storing over 300GWh of clean energy. The construction equity for ACES 1 was provided by Haddington ESP I, which has up to $1.5B of investment rights in ACES Delta projects. The information presented herein does not represent the full list of portfolio company investments made by Haddington Ventures LLC over its history. You may request a full list of investments by contacting us. This information is not intended to be a recommendation to buy or sell any securities. Investments may be subject to change without prior notification.