Chevron Corp. will become majority owner of what’s expected to be the world’s largest hydrogen production and storage facility as the oil giant invests in tech aimed at addressing the intermittency that plagues wind and solar power.
Chevron New Energies bought a 78% stake in the Advanced Clean Energy Storage project in Utah from Haddington Ventures, a Houston-based private equity firm, the oil explorer announced Tuesday. The project will store hydrogen made from renewable energy in two giant salt caverns, and dispatch it to a specialized turbine to generate power when most needed. Terms were not disclosed.
Chevron plans to spend $10 billion on low carbon investments over eight years, both in reducing its own emissions and expanding clean-energy production. The ACES investment provides a “growth platform for the future” that could see hydrogen used for power generation, heavy-duty transportation or even replacing fossil-fuel based hydrogen at its own refineries, said Austin Knight, a vice president at Chevron New Energies.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chevron to Ask Regulator to Intervene in Australia LNG StrikesChevron Corp. will apply to a labor regulator to help resolve its dispute with unions at liquefied natural gas sites in Australia as workers continue partial strikes.
Read more »
Chevron Asks Regulator to Intervene in Australia LNG Strikes(Bloomberg) -- Chevron Corp. is applying to a labor regulator to help resolve its dispute with unions at liquefied natural gas sites in Australia as workers continue partial strikes.Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiIndia’s G-20 Win Shows US Learning How to Counter China RiseMeloni Tells China That Italy Plans to Exit Belt and RoadBiden Doubts China Able to Invade Taiwan Amid Economic WoesBoss of Failed Crypto Exchange Gets 11
Read more »
Australia tribunal sets Sept 22 as date for Chevron LNG dispute hearingBy Lewis Jackson SYDNEY (Reuters) -The dispute between Chevron and workers at its two liquefied natural facilities (LNG) in Australia will be heard by the ...
Read more »
Nova Scotia buys motel to help ease housing shortages faced by health-care workersThe site is to include up to 12 one-bedroom units along with six townhouses suitable for families, with rent to be based on income.
Read more »
Nova Scotia buys Lunenburg motel to convert into housing for health-care workersLUNENBURG, N.S. — The Nova Scotia government has bought a motel to house health-care workers on the South Shore. The province announced plans to convert ...
Read more »
Nova Scotia buys Lunenburg motel to convert into housing for health-care workersLUNENBURG, N.S. — The Nova Scotia government has bought a motel to house health-care workers on the South Shore. The province announced plans to convert ...
Read more »