Chevron has closed a transaction with Haddington Ventures to acquire 100% interest in ACES Delta.
ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah.
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 metric tons per day of hydrogen, is under construction and is expected to enter commercial-scale operations in mid-2025.
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 United States are in development.
“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,” said Austin Knight, vice president, hydrogen, Chevron New Energies.
“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.”
“Reaching this milestone in the development of our hydrogen project will not only have significant benefits to the western U.S. 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.”