Chevron to Acquire Majority Stake in Advanced Clean Energy Storage Project in Delta, Utah

Energy Chevron to Acquire Majority Stake in Advanced Clean Energy Storage Project in Delta, Utah

2023-09-14 Source: Press release Chevron 2 min Reading Time

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Chevron has plans to acquire Magnum Development which holds a majority stake in ACES Delta – the firm aims to develop an Advanced Clean Energy Storage project in Delta, Utah. With this takeover, Chevron now holds a majority stake in the project.

ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah.(Source: Pixabay) — ACES Delta is developing the Advanced Clean Energy Storage project in Delta, Utah.
(Source: Pixabay)

California/USA – Chevron U.S.A., through its Chevron New Energies division, has closed a transaction with Haddington Ventures to acquire 100 % of Magnum Development and thus a majority interest in ACES Delta, which is a joint venture between Mitsubishi Power Americas and Magnum Development. 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 utilize 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 to support the Intermountain Power Project’s “IPP Renewed” initiative.

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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 part of broader efforts to pursue lower carbon energy solutions, Chevron New Energies is working to enhance demand for lower carbon intensity hydrogen – and the technologies that support cost-effective supply – as a commercially viable alternative in the transportation, power, and industrial sectors where greenhouse gas emissions are hard to abate.

“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.”

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