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Chevron

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Buys world's biggest hydrogen storage plant in Utah

U.S. oil major Chevron Corp (CVX.N) on Tuesday said it has acquired a majority stake in the world's largest proposed storage facility for hydrogen from renewable energy. U.S. majors Chevron and Exxon Mobil (XOM.N) are rushing to lower production costs and bring scale to the technology as part of their lower carbon fuel strategy. https://www.reuters.com/sustainability/chevron-buys-majority-stake-utah-hydrogen-project-2023-09-12/

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  • Patrik Lobergh

    39 w

    Sorry, copied the whole article by mistake, this was meant: "Low-emissions hydrogen production worldwide in 2021 was less than 2,700 tonnes per day – with practically all of it coming from plants using fossil fuels with carbon capture, utilization and storage, according to the latest edition of the International Energy Agency's Global Hydrogen Review...."

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    • Patrik Lobergh

      39 w

      For Chevron and ExxonMobil this is win-win opportunity, continue with fossil fuel business as usual (or even expand it) and use it to fuel their new business opportunity: "Acquire Licensing Rights Companies Chevron Corp Exxon Mobil Corp Mitsubishi Hitachi Power Systems Ltd HOUSTON, Sept 12 (Reuters) - U.S. oil major Chevron Corp (CVX.N) on Tuesday said it has acquired a majority stake in the world's largest proposed storage facility for hydrogen from renewable energy. U.S. majors Chevron and Exxon Mobil (XOM.N) are rushing to lower production costs and bring scale to the technology as part of their lower carbon fuel strategy. Chevron bought the stake in ACES Delta from private equity firm Haddington Ventures. The Delta, Utah, project last year received the first U.S. Department of Energy loan for clean energy in nearly a decade, of $504 million. ACES Delta is a joint venture between Mitsubishi Power Americas and Magnum Development. Financial terms of the deal were not disclosed. Chevron wants to develop "a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy,” said Austin Knight, vice president of hydrogen, Chevron New Energies. Hydrogen is seen as a key technology to meet the world's net zero emission ambitions by 2050 as it produces water vapor instead of greenhouse gas emissions when burnt as a fuel. Advertisement · Scroll to continue High costs for production, transportation difficulties and lack of infrastructure limit usage of hydrogen as an energy source. Hydrogen can also be used to store energy and used to adjust seasonal supply and demand needs in power grids. The facility will use electrolysis powered by wind and solar to produce hydrogen, which will be stored and despatched from solution-mined salt caverns. The first project for the acquisition, designed to convert and store up to 100 metric tons per day of hydrogen, is under construction and is expected to enter commercial-scale operations in mid-2025, Chevron said. Advertisement · Scroll to continue Low-emissions hydrogen production worldwide in 2021 was less than 2,700 tonnes per day – with practically all of it coming from plants using fossil fuels with carbon capture, utilization and storage, according to the latest edition of the International Energy Agency's Global Hydrogen Review." Anyone surprised???

      • Judy Holm Climate Designers

        39 w

        @Ingmar 🙏 it seems likely to be green washing

      • Ingmar Rentzhog

        39 w

        This is only good action if they only going to store green hydrogen there. I suspect that is not the case. Does anyone that know more?

        4
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