Toyota, Chevron announce MOU on hydrogen
Toyota Motor North America, Inc. and Chevron U.S.A. Inc. have announced a memorandum of understanding (MOU) to consider a strategic collaboration on hydrogen. Chevron signed the MOU through its Products Company division.
The possible alliance will seek to bring about and spearhead the development of mass-market corporations in hydrogen. The goal of the partnership will be to push forward a working, successful global hydrogen economy.
The automotive manufacturer and the energy corporation say their union will have three main strategic priorities.
The first one will be to work together on hydrogen-related public policy steps that back the development of hydrogen infrastructure. The second of the main strategic priorities for the alliance will be to learn what the market currently needs and will need in the future in terms of heavy-duty and light-duty fuel cell electric vehicles. This second priority also involves supplying opportunities for that demand. The final priority will be to study prospects to together seek research and development in hydrogen-powered storage and transportation.
Andy Walz, president of Chevron’s Americas Fuels & Lubricants, said, “We are excited to collaborate with Toyota. 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.”
He added, “This opportunity leverages our market position, assets, technology, and organizational capability and supports our efforts to help advance a lower-carbon future.”
Chevron and a group of other energy producers won a climate change lawsuit against the City of New York earlier this month. Early last month, the energy corporation reinforced plan to lower carbon along with delivering higher returns. On the 1st of last month, Chevron announced investment in Sweden-based private investment company Baseload Capital AB, which is dedicated to developing and operating low-temperature geothermal and heat power assets. An affordable form of renewable energy, heat power can be harnessed from either geothermal resources or waste heat. Also earlier this year (on February 25 to be exact), Chevron Technology Ventures (CTV) LLC announced the launch of its $300 million Future Energy Fund II focused on technologies with the potential to enable ever-cleaner, reliable and affordable energy for all. It should be noted here that using the first Future Energy Fund launched in 2018, CTV invested in over 10 companies with over 150 other investors to assist innovations in energy storage, emerging mobility and carbon capture.
Toyota Motor North America EVP Bob Carter commented on his company signing the MOU with Chevron, “This is another important step toward building a hydrogen economy. 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.”
