ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Sep 10, 2021 11:15 JST
Source:
Mitsubishi Power, Ltd.
Chevron Agrees on Framework to Join Hydrogen Joint Venture with Magnum Development and Mitsubishi Power
SAN RAMON, Calif. / LAKE MARY, Fla. / HOLLADAY, Utah, Sep 10, 2021 - (JCN Newswire) - Chevron U.S.A. Inc., through its Chevron New Energies division, announced it has agreed on a framework to acquire an equity interest in ACES Delta, LLC (ACES Delta), which is a joint venture between Mitsubishi Power Americas Inc. (Mitsubishi Power) and Magnum Development, LLC (Magnum) that owns the Advanced Clean Energy Storage project. This project will produce, store and transport green hydrogen at utility scale for power generation, transportation and industrial applications in the western United States.
The Advanced Clean Energy Storage project will produce, store and transport green hydrogen at utility scale for power generation, transportation and industrial applications in the western United States. (Credit: Mitsubishi Power)
The joint venture is located in Delta, Utah, adjacent to the Intermountain Power Plant, which will use green hydrogen to produce electricity with lower lifecycle carbon emissions. Future anticipated projects include the expansion of green hydrogen supply to other Western states and the construction of connecting hydrogen infrastructure to build a regional hydrogen production, transportation and supply network. Chevron is working to build demand for hydrogen -- and the technologies that support it -- in heavy-duty transportation and industrial sectors in which greenhouse gas emissions are hard to abate.
"Chevron New Energies was created to grow new competitive business lines in areas like hydrogen," said Jeff Gustavson, President of Chevron New Energies. "The potential to partner with Mitsubishi Power and Magnum Development on the Advanced Clean Energy Storage project presents an exciting opportunity that 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, President and CEO of Mitsubishi Power Americas, said, "For several years, we've been working with early adopters of green hydrogen in the power sector that have easy access to salt domes or existing hydrogen infrastructure, such as the Intermountain Power Agency and Magnum Development. Now it's time to connect massive geologic hydrogen storage in Delta, Utah, to power, transportation and industrial users throughout the western United States. 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."
"I look forward to the opportunity to collaborate with Chevron as a strategic partner in our ACES Delta venture. Chevron's participation will add tremendous value as we develop a world class - and world's largest - green hydrogen production and storage facility," said Craig Broussard, President, CEO and Board Chairman of Magnum Development, LLC. "Combined with Chevron's in-depth capabilities, the ACES Delta facility will serve as a platform to deliver on our shared vision and continue building our robust pipeline of high quality, actionable projects that will help decarbonize multiple sectors of the U.S. economy."
ACES Delta is co-owned by Magnum, which is a Haddington Ventures portfolio company, and Mitsubishi Power. Chevron, Magnum and Mitsubishi Power are negotiating definitive documentation outlining Chevron's participation in the joint venture. The terms of this transaction are subject to the negotiation of definitive agreements, and closing of the transaction will be subject to customary closing conditions.
For more information, visit bit.ly/3BZMGlK.
Source: Mitsubishi Power, Ltd.
Sectors: Energy, Alternatives
Copyright ©2025 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Latest Release
JCB Brings Apple Pay to Cardmembers in Vietnam
Jul 01, 2025 11:15 JST
Approval in Principle (AiP) for World's First LCO2 / Methanol Carrier
Jun 30, 2025 20:30 JST
Acropolis Rally Greece: Day 4 Sunday success and second overall for TOYOTA GAZOO Racing's Ogier
Jun 30, 2025 20:15 JST
Mitsubishi Fuso-Hino Merger: 4 Firms Collaborate for the Future of Commercial Vehicles
Jun 30, 2025 20:10 JST
Six Companies Establish BlueRebirth Council to Expand Use of Recycled Materials in New Vehicles
Jun 30, 2025 19:25 JST
Honda Changes Plan to Build New Production Plant for Next-generation Fuel Cell Module in Japan
Jun 30, 2025 19:20 JST
MHI-AC&R Receives Recommendation Award of JARAC's 42nd Excellent Energy Saving Equipment Awards
Jun 30, 2025 19:00 JST
The University of Osaka and Fujitsu Japan launch joint research on AI-powered education support for culturally and linguistically diverse children in Japan
Jun 30, 2025 12:00 JST
JCB has launched contactless subway payment services in Shanghai and Beijing, marking the first such service in mainland China
Jun 30, 2025 12:00 JST
Honda Opens "Honda Software Studio Osaka" as New Software Development Operation
Jun 26, 2025 13:30 JST
Honda Issues "Honda ESG Report 2025"
Jun 26, 2025 13:29 JST
Fujitsu's Uvance Wayfinders consulting empowers customers to evolve business foundations leveraging data and AI
Jun 26, 2025 11:00 JST
MHI Receives Contract for Refurbishment of APM System at Singapore Changi Airport
Jun 25, 2025 14:00 JST
Special Summer Event "Tanabata Festival at Anime Tokyo Station" Feature a Public Recording of a Chat and Dramatic Reading by Voice Actors Miina Tominaga and Wataru Takagi on July 7
Jun 25, 2025 11:00 JST
Technica Zen and BSI Professional Services Japan Launch Customizable Training to Strengthen AI Governance in Japanese Companies
Jun 25, 2025 10:00 JST
Executive Appointments in Connection with the Establishment of NESIC Holdings
Jun 23, 2025 19:22 JST
Hua Medicine Announces at 2025 ADA Scientific Sessions that Dorzagliatin Combined with DPP-4 Inhibitor Shows Promise in Reducing Blood Lipids While Restoring Glucose Homeostasis
Jun 23, 2025 13:05 JST
CanSinoBIO Launches Pneumococcal Vaccine: An Innovative Choice to Safeguard Children's Health
Jun 20, 2025 19:06 JST
Sharp Launches A2 Size ePoster Color Electronic Paper Display
Jun 19, 2025 12:08 JST
Fujitsu unveils AI-powered presentation technology, enabling automated multilingual and customizable presentations
Jun 19, 2025 10:25 JST
More Latest Release >>
Related Release
Mitsubishi Power Receives Order for Facility Retrofit at the Darajat Geothermal Power Plant in Indonesia
10/28/2024 3:35:00 PM JST
Mitsubishi Power Completes Construction of 50MW Woody Biomass-fired Power Plant in Hyuga, Miyazaki Prefecture
10/16/2024 8:07:00 PM JST
Mitsubishi Power Underscores Progress to Fastrack Hydrogen Ecosystem Development at COP28
12/13/2023 5:26:00 PM JST
Alba marks important milestone in PS5 Block 4 Project with the arrival of Mitsubishi Power M701JAC Gas Turbine
10/25/2023 3:16:00 PM JST
Alba Chairman visits Mitsubishi Heavy Industries facilities in Japan
7/4/2023 12:12:00 PM JST
Mitsubishi Power Achieves #1 Global Gas Turbine Market Share in 2022 According to McCoy Power Report
3/9/2023 1:40:00 PM JST
Origis Energy and Mitsubishi Power to Bring Battery Energy Storage Projects to the Southeast United States
12/21/2022 11:04:00 AM JST
Mitsubishi Power, Government and Industry Leaders Discuss Energy Security and Transition at 2022 Gas Turbine Technical Seminar in Bangladesh
12/13/2022 7:09:00 PM JST
Mitsubishi Power Receives 55MW Geothermal Power Plant Order from Pertamina
12/5/2022 3:26:00 PM JST
Mitsubishi Power to Upgrade Two Gas Turbines at Tuas Power to Achieve 16.9 kilo-tonnes of Carbon Emissions Reduction Annually
11/30/2022 2:55:00 PM JST
More Press release >>