Chevron U.S.A. Inc., through its Chevron Products Company division, and Toyota Motor North America, Inc. have announced they will explore a strategic alliance to catalyse and lead the development of commercially viable, large-scale businesses in hydrogen, with the goal to advance a functional, thriving global hydrogen economy and hydrogen-powered technology.
Chevron and Toyota are seeking to work on three main strategic priorities:
- Collaborating on hydrogen-related public policy measures that support the development of hydrogen infrastructure;
- Understanding current and future market demand for light-duty and heavy-duty fuel cell electric vehicles and supply opportunities for that demand; and
- Exploring opportunities to jointly pursue research and development in hydrogen-powered transportation and storage.
“We are excited to collaborate with Toyota. Working towards a strategic alliance on hydrogen presents an opportunity to build a large-scale business in a low-carbon area that is complementary to our current offerings,” said Andy Walz, president of Chevron’s Americas Fuels & Lubricants.
“This opportunity leverages our market position, assets, technology, and organisational capability and supports our efforts to help advance a lower-carbon future.”
“This is another important step toward building a hydrogen economy,” added Bob Carter, executive vice president, Toyota Motor North America.
“Combining Toyota’s decades of experience in developing hydrogen-powered fuel cell electric technology with Chevron’s deep resources in the energy sector has the potential to create new transportation choices for both consumers and businesses that move us toward our goal of carbon neutrality.”
Chevron currently uses hydrogen to refine crude and in other chemical processes. From 2005 to 2010, Chevron operated five hydrogen filling stations at fleet operator sites using multiple technologies for on-site generation, storage and dispensing as part of a U.S. Department of Energy hydrogen demonstration project that included AC Transit in Northern California. Since that time, new regulations, automaker commitments, and technology advancements have enhanced the potential of hydrogen.
“Chevron has solved some of the world’s most complex energy challenges of the past. And, we continue to explore ever-cleaner energy solutions for the future,” said Michael Wirth, Chevron’s chairman and CEO.
“Hydrogen can play a role in a lower carbon future as a transportation fuel, an industrial feedstock and an energy storage medium.”