Chevron buys world's biggest hydrogen storage plant in Utah

Chevron Corporation, a prominent U.S. oil company, announced on September 12, 2023, that it has acquired a predominant ownership interest in the world's largest planned hydrogen storage facility powered by renewable energy sources. In pursuit of their commitment to reducing production expenses and expanding the adoption of low-carbon fuels, U.S. industry leaders Chevron and Exxon Mobil are prioritizing the advancement of this technology. Chevron's acquisition of a majority stake in ACES Delta, previously owned by private equity firm Haddington Ventures, is a significant development. Notably, the Delta, Utah-based initiative received a substantial $504 million loan from the U.S. Department of Energy for clean energy, marking the first such loan in nearly a decade.