Chevron Buys Majority Stake In ACES Delta; Terms Not Known

(RTTNews) - Chevron U.S.A. Inc., a unit of Chevron Corp. (CVX), through its Chevron New Energies division, announced on Tuesday that it has closed a transaction with Haddington Ventures to acquire Magnum Development, LLC and thus a majority interest in ACES Delta, LLC. ACES Delta was a joint venture between Mitsubishi Power Americas, Inc. and Magnum Development.

The financial terms of the transaction have not been disclosed.

Austin Knight, vice president, Hydrogen, Chevron New Energies, said: "We seek to leverage the unique strengths of each partner to develop a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy and helps our customers achieve their lower carbon goals…"

ACES Delta is developing the advanced clean energy storage project in Delta, Utah. This project aims to use electrolysis to convert renewable energy into hydrogen and to 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.