A combined heat, power, and hydrogen (HPH) system consists of a hydrogen production and distribution system that provides hydrogen fuel for vehicles and for fuel cell heat and power systems that meet the energy needs of nearby buildings. This paper describes the analysis of a proposed HPH system that serves a laboratory and the vehicle fleet of an adjacent industrial facility. In the proposed system, hydrogen from a natural gas fuel processor is compressed, stored, and used to fuel fleet vehicles. The hydrogen is also supplied to a building fuel cell system that provides both electricity and hot water for space heating and water heating during peak electrical demand periods. The analysis is based on historical data for vehicle mileage and electricity use, estimates of hot water use for the laboratory, and local utility rates. This data is used in conjunction with a model of system performance and an operating strategy based on the net marginal value of hydrogen for each resource (heat, power, and hydrogen vehicle refueling) to determine the economic and environmental impact of the HPH system. Results show that if the primary goal is vehicle refueling, adding a stationary fuel cell system to create a combined HPH system makes small fleet sizes economical and increases the economic value of the refueling station at all fleet sizes. If the primary goal is to provide building heat and power, adding a vehicle refueling capability increases the economic value provided the fleet size is relatively large. The results also confirm that for the current utility rates at the proposed site, the stationary system should be operated in a peak shaving mode with relatively few operating hours. Finally, the results indicate that application of the HPH system leads to reductions in primary energy use and reductions in emissions of carbon dioxide and oxides of nitrogen in both stationary and vehicular applications. Sulfur dioxide emissions are reduced for stationary applications but increased for vehicular applications. Overall, the HPH system represents a promising approach to facilitate the introduction of both fuel cells and a hydrogen infrastructure.