Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas provider Clean Energy Fuels Corp.
Chevron Corporation (NYSE: CVX) has announced that its wholly owned subsidiary Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp (NASDAQ: CLNE).
Chevron has now invested a total of $28 million in the initiative, which it says provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon negative RNG to reduce emissions. Chevron’s funding will allow truck operators to subsidize the cost of buying new or converting to RNG powered trucks, the company outlined. Clean Energy is managing the program.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Chevron, Clean Energy Fuels Extend Adopt-a-Port Initiative to Reduce Emissions
May 11, 2021 GMT
SAN RAMON, Calif. & NEWPORT BEACH, Calif. (BUSINESS WIRE) May 11, 2021
Chevron Corporation (NYSE: CVX) announced today that its wholly-owned subsidiary Chevron U.S.A. Inc. (Chevron) is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp. (NASDAQ: CLNE). Chevron has now invested a total of $28 million in the initiative, which provides truck operators – large fleets and owner-operators – serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative RNG to reduce emissions.
Chevron, Toyota Team Up to Develop Viable Businesses in Hydrogen; Shell to Test Fuel for Shipping
Subsidiaries of Chevron U.S.A. Inc. and Toyota Motor Corp. said Wednesday they will join forces to develop “viable” and “large-scale businesses” to capitalize on the ascension of hydrogen as a clean source of fuel, including to meet expected future demand for fuel cell electric vehicles.
The energy and auto majors said in a joint release they would collaborate on public policy measures to support the build-out of hydrogen infrastructure and pursue research and development in hydrogen-powered transportation and storage. This could include assessing and addressing current and future market demand as well as supply opportunities for light-duty and heavy-duty fuel cell electric vehicles.
Chevron, Toyota to explore strategic alliance on hydrogen
Chevron USA, through its Chevron Products Company division (Chevron), and Toyota Motor North America, Inc. signed 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
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.”