The companies will explore an alliance to develop commercially viable, large-scale hydrogen businesses.
The Chevron Products Co. division of Chevron U.S.A. Inc. (NYSE: CVX) and Toyota Motor North America, Inc. (NYSE: TM) have reached a memorandum of understanding (MOU) to pursue a strategic alliance on hydrogen, Chevron reported Wednesday.
Under the MOU, the companies will explore an alliance to develop commercially viable, large-scale hydrogen businesses, Chevron noted in a written statement emailed to Rigzone.
“We are excited to collaborate with Toyota,” remarked Andy Walz, president of Chevron’s Americas Fuels & Lubricants unit. “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. This opportunity leverages our market position, assets, technology, and organizational capability and supports our efforts to help advance a lower-carbon future.”
Chevron, Toyota Enter MoU to Develop Commercially Viable Hydrogen – Advanced BioFuels USA
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Chevron U.S.A., Toyota Ink MoU To Explore Strategic Alliance On Hydrogen
TOKYO (dpa-AFX) - Chevron U.S.A. Inc., through its Chevron Products Company division, and Toyota Motor North America, Inc. announced Wednesday a memorandum of understanding to explore a strategic alliance to catalyze and lead the development of commercially viable, large-scale businesses in hydrogen, with the goal to advance a functional, thriving global hydrogen economy.
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.
Chevron, Toyota pursue strategic alliance on hydrogen
21 Apr 2021
Chevron Products Company division, and
Toyota Motor North America, Inc. announced a memorandum of understanding to explore a strategic alliance to catalyze and lead the development of commercially viable, large-scale businesses in hydrogen, with the goal to advance a functional, thriving global hydrogen economy.
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.
NGT News
April 21, 2021
Chevron U.S.A. Inc., a subsidiary of Chevron Corp., and Toyota Motor North America Inc. have entered a memorandum of understanding (MoU) to explore a strategic alliance to catalyze and develop commercially viable, large-scale businesses in hydrogen.
“This is another important step toward building a hydrogen economy,” says Bob Carter, executive vice president of 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.”
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