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.