Chevron buys a majority stake in a Utah green hydrogen project

Chevron has purchased a controlling interest in Advanced Clean Energy Storage, a low-carbon hydrogen project in rural Utah. The project, a joint venture with Mitsubishi Power, will use renewable electricity-based alkaline electrolysis to produce H₂ and store it in nearby salt caverns for on-demand delivery. The project’s customer will be a regional power plant that is switching from coal to natural gas and hydrogen. The first H₂ unit, which the partners aim to open in 2025, will yield 100 metric tons of H₂ per day. The project won a $504 million loan guarantee from the US Department of Energy in June 2022.