American multinational energy corporation Chevron is partnering with automaker Toyota Motor North America to catalyse the deployment of hydrogen solutions.
The two companies have signed a Memorandum of Understanding to co-develop commercially viable, large-scale businesses in hydrogen. The aim is to advance a functional, thriving global hydrogen economy.
Chevron and Toyota will collaborate on three main strategic priorities namely:
- 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.
- Exploring opportunities to jointly pursue research and development in hydrogen-powered transportation and storage.
Andy Walz, president of Chevron’s Americas Fuels & Lubricants, said: “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.”
Bob Carter, executive vice president, 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.”