The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

Chevron does U-turn and invests in Utah green hydrogen project


Oil and gas major Chevron has performed a U-turn and invested in ACES Delta in Utah, US, one of the largest green hydrogen projects in the world, citing a “change of circumstances” when asked by

Through Chevron New Energies, the company has closed a transaction to acquire 100% of Magnum Development, which itself owns a majority interest in the ACES Delta green hydrogen project in Utah, a joint venture (JV) with Mitsubishi Power Americas. Chevron acquired Magnum Development from Haddington Ventures.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The move comes a year after Chevron told that the “opportunity to acquire an equity interest in ACES Delta no longer meets our requirements,” when it announced it was no longer seeking to do so.

Commenting on its reversed decision, a company spokesperson told us this week: “Chevron is consistently exploring opportunities around the world as we work to achieve our lower carbon goals and grow our lower carbon businesses.”

“While the original opportunity to acquire a minority interest in the ACES Delta JV in 2022 did not meet our commercial thresholds, circumstances have changed, and we believe this opportunity to be an attractive investment and a platform with immense potential.”

Asked to expand on this, they said the change of circumstances was “purely commercial” and not directly related to the Inflation Reduction Act (IRA) and its generous incentives for clean energy having passed since that decision.

Phase 1 of the project reached final investment decision (FID) before the Act was announced it had already received financial support from the Department of Energy (DOE), including a US$500 million loan.

“While I wouldn’t tie this decision to the IRA, the IRA will help accelerate the viability of some of the growth projects that are there, and we look forward to continuing to evaluate those,” they added.

The ACES Delta project will feature 220MW of electrolysers that will be powered by renewable energy to produce up to 100 metric tonnes of green hydrogen a day, to be stored in two huge salt caverns with a combined storage capacity of 300GWh.

ACES Delta will help power new 840MW combined cycle power plant from cooperative Intermountain Power Agency which will replace an existing coal plant. It will power 30% of Intermountain’s plant when it comes online in 2025 with plans to increase that to 100% by 2045. But that achievement could come as early as 2030 or 2035 according to Mitsubishi Power America senior VP Thomas Cornell in an interview with last year.

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

July 23, 2024
The US Department of Energy has issued a loan of up to US$861.3 million to support 200MW solar PV and 285MW/1,140MWh BESS in Puerto Rico.
July 23, 2024
The CPUC has proposed the procurement of over 10GW of new energy resources, including 1GW of multi-day long-duration energy storage (LDES) and another 1GW of 12-hour-plus LDES.
July 22, 2024
Italian renewables company Redelfi has launched an energy storage development platform in the US, while US investor Bluestar Energy Capital has entered the European market.
July 22, 2024
In this Q&A, Enel North America CEO Paolo Romanacci discusses the IPP’s operational BESS projects, pipeline and deployments as well as his views on wider US industry challenges.
July 22, 2024
System integrator Ameresco has completed and put into commercial operation eight battery energy storage system (BESS) projects for utility United Power in Colorado, US.

Most Popular

Email Newsletter