Chevron Buys Into World’s Biggest Hydrogen-Storage Plant in Utah
- Oil giant acquires 78% stake in ACES project from Haddington
- Plant will help mitigate intermittent wind and solar power
Chevron plans to spend $10 billion on low carbon investments over eight years — in reducing its own emissions and expanding clean-energy production.
Photographer: David Paul Morris/BloombergChevron Corp. will become majority owner of what’s expected to be the world’s largest hydrogen production and storage facility as the oil giant invests in tech aimed at addressing the intermittency that plagues wind and solar power.
Chevron New Energies bought a 78% stake in the Advanced Clean Energy Storage project in Utah from Haddington Ventures, a Houston-based private equity firm, the oil explorer announced Tuesday. The project will store hydrogen made from renewable energy in two giant salt caverns, and dispatch it to a specialized turbine to generate power when most needed. Terms were not disclosed.