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 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 can also be used to store energy and used to adjust seasonal supply and demand needs in power grids.
It is spending an average of $1.25 billion per year through 2028 to reduce its own emissions and expand lower carbon fuels including hydrogen.
Persons:
”, Austin Knight, Sabrina Valle, Sourasis Bose, Pooja Desai, Sharon Singleton
Organizations:
Chevron Corp, Chevron, Exxon Mobil, ACES, Haddington Ventures, U.S . Department of Energy, Mitsubishi Power Americas, Magnum, International Energy, Hydrogen, Thomson
Locations:
ACES Delta, Haddington, Delta, Utah, Chevron, Houston, Bengaluru