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 stated that it will work on three main strategic priorities with Toyota:
- collaborating on public policy measures to support hydrogen infrastructure development
- understanding current and future market demand for light-duty and heavy-duty fuel cell electric vehicles and supply opportunities for that demand
- exploring joint research and development opportunities tied to hydrogen-powered transportation and storage.
“This is another important step toward building a hydrogen economy,” observed Bob Carter, executive vice president with Toyota 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.”
To contact the author, email mveazey@rigzone.com.
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