Chevron Acquires a Majority Stake in the World’s Biggest Hydrogen-Storage Plant in Utah

U.S. oil major Chevron Corp 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 are rushing to lower production costs and bring scale to the technology as part of their lower carbon fuel strategy.

Chevron bought the stake in ACES Delta from private equity firm Haddington Ventures. The Delta, Utah, project last year received the first U.S. Department of Energy loan for clean energy in nearly a decade, of $504 million.

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