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Chevron acquires majority stake in Advanced Clean Energy Storage Hydrogen Project

Published by , Editorial Assistant
Global Hydrogen Review,


Chevron has announced it has closed a transaction with Haddington Ventures to acquire 100% of Magnum Development, LLC and a majority interest in ACES Delta, a joint venture (JV) between Mitsubishi Power and Magnum Development. ACES Delta is developing the Advanced Clean Energy Storage Project in Delta, Utah, US.

The Advanced Clean Energy Storage Project plans to use electrolysis to convert renewable energy into hydrogen and will utilise solution-mined salt caverns for seasonal, dispatchable storage of the energy. The first project, designed to convert and store up to 100 tpd of hydrogen, is under construction and is expected to enter commercial-scale operations in mid-2025 to support the Intermountain Power Project’s 'IPP Renewed' initiative. Several other opportunities for the project to produce and supply hydrogen to customers in the utility, transportation and industrial sectors in the western region of the US are in development.

Austin Knight, vice president, Hydrogen, Chevron New Energies, said: “As we continue to pursue lower carbon energy solutions, we are excited to move forward with the advanced clean energy storage hydrogen project, through our acquisition of Magnum Development and partnership with Mitsubishi Power, to build on Chevron’s 75-year history in Utah. We seek to leverage the unique strengths of each partner to develop a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy and helps our customers achieve their lower carbon goals.”

As part of broader efforts to pursue lower carbon energy solutions, Chevron New Energies is working to enhance demand for lower carbon intensity hydrogen – and the technologies that support cost-effective supply – as a commercially viable alternative in the transportation, power, and industrial sectors where greenhouse gas emissions are hard to abate.

“Reaching this milestone in the development of our hydrogen project will not only have significant benefits to the western US population, but it will also serve as a blueprint for future hydrogen opportunities,” said Michael Ducker, senior vice president of Hydrogen Infrastructure for Mitsubishi Power. “With Chevron New Energies’ involvement, we expect to expand hydrogen supply more quickly. Together, we are investing in the future of hydrogen, helping to create a viable, cost-competitive market for emerging lower carbon solutions.”

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/13092023/chevron-acquires-majority-stake-in-advanced-clean-energy-storage-hydrogen-project/

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