Chevron joins Magnum & Mitsubishi in Aces’s hydrogen project
Chevron agreed on a framework to become a shareholder in Aces Delta, LLC.
Chevron New Energies, a division of Chevron USA Inc, announced to buy an equity interest in Aces Delta, LLC.
Aces Delta, LLC is a joint venture between Mitsubishi Power Americas Inc. and Magnum Development, LLC. It owns Advanced Clean Energy Storage project, which will produce, store and transport green hydrogen at a utility-scale for power generation, transportation and industrial applications in the US.
The project is in proximity to Intermountain Power Plant in Delta, Utah, which will use green hydrogen from Aces Delta for power generation. It also has plans to expand green hydrogen supply to other western states. Other future projects include connecting hydrogen infrastructure, under which regional hydrogen production, transportation and supply networks will be built.
Chevron is working to increase the hydrogen demand in heavy-duty transportation and industrial sectors. The companies are working to create definitive documentation which will show Chevron’s role in the joint venture.
Jeff Gustavson, President of Chevron New Energies, said, “[The opportunity] would bring together our unique strengths and would provide a scalable platform to supply our customers with affordable, reliable and ever-cleaner energy.”
Paul Browning, CEO of Mitsubishi Power Americas, said, “Chevron’s footprint and expertise in the transportation and industrial sectors make them an ideal partner for this next phase of expansion. Together with our customers and partners, we are creating a Change in Power.”
Craig Broussard, President, CEO and Board Chairman of Magnum Development, LLC, said, “Chevron’s participation will add tremendous value as we develop a world class, and world’s largest, green hydrogen production and storage facility.”