Our New Energies organization is focused on areas where we believe we can build competitive advantages and that target sectors of the economy that cannot be easily electrified. Hydrogen, CCUS, and offsets are at the core of this strategy and are an important part of the solution to the challenges of meeting the growing demand for affordable, reliable energy and addressing climate change. These businesses support Chevron’s efforts to reduce its GHG emissions and are also expected to become high-growth opportunities with the potential to generate accretive returns.
hydrogen

hydrogen

Some examples of our collaborations and investments include:

Raven SR

Chevron is invested in Raven SR Inc., a renewable fuels company that plans to build modular waste-to-green hydrogen production units and renewable synthetic fuel facilities initially in California and then worldwide. Raven SR’s technology makes the company one of the only combustion-free, waste-to-hydrogen producers in the world.

Toyota

Chevron and Toyota Motor North America Inc. (Toyota) announced 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 of advancing 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 exploring opportunities to jointly pursue research and development in hydrogen-powered transportation and storage.

Advanced Clean Energy Storage

We agreed on a framework to acquire an equity interest in ACES Delta, LLC (ACES Delta), which is a joint venture between Mitsubishi Power Americas Inc. (Mitsubishi Power) and Magnum Development, LLC (Magnum) that owns the Advanced Clean Energy Storage project. This project is expected to produce, store, and transport green hydrogen at utility scale for power generation, transportation, and industrial applications in the western United States.

Hydrogenious LOHC Technologies

In 2021, we announced an investment in Hydrogenious, whose technology has potential as a bulk hydrogen storage and transportation medium.

Cummins

Chevron and Cummins Inc. (Cummins) announced a memorandum of understanding to explore a strategic alliance for commercially viable business opportunities in hydrogen and other alternative energy sources. Chevron and Cummins intend to initially collaborate on four main objectives: advancing public policy that promotes hydrogen as a decarbonizing solution for transportation and industry; building market demand for commercial vehicles and industrial applications powered by hydrogen; developing infrastructure to support the use of hydrogen for industry and fuel cell vehicles; and exploring opportunities to leverage Cummins’ electrolyzer and fuel cell technologies at one or more of Chevron’s domestic refineries.

Starfire

In 2021, Chevron invested in Starfire, a Boulder, Colorado–based startup developing a modular, distributed ammonia production and cracking system. Ammonia is a promising energy carrier with an energy density comparable to fossil fuels and significantly higher than lithium-ion batteries or hydrogen. Starfire designed its system to be cost-competitive.

Caterpillar

In 2021, we announced a collaboration agreement with Caterpillar to develop hydrogen demonstration projects in transportation and stationary power applications, including prime power. The goals of the collaboration are to confirm the feasibility and performance of hydrogen for use as a commercially viable alternative to traditional fuels for long-haul rail and marine vessels and to demonstrate hydrogen’s use in prime power.

carboncapture,utilization,andstorage

carbon capture, utilization, and storage

Some examples of our projects, partnerships, and investments include:

Kern River Carbon Capture

Chevron was awarded a project from the U.S. Department of Energy to pilot technology that captures CO2 from post-combustion gas. In collaboration with Svante and the National Energy Technology Laboratory, we are planning to test the technology at our Kern River facility in San Joaquin Valley, California, with a 30-tonne-per-day plant for a six-month operational trial.

National Research Foundation

Chevron is a member of a consortium with the Singapore National Research Foundation and other companies. We are working jointly to develop the first end-to-end decarbonization process in Singapore. This collaboration is aimed at accelerating the development of a highly integrated, energy-efficient CCUS system that can lead to a low-carbon economy and potential commercial developments for Singapore, as well as help the country meet its Paris pledge.

Carbon Engineering

Chevron is invested in Carbon Engineering to accelerate the commercialization of Carbon Engineering’s direct air capture (DAC) technology, which removes CO2 directly from the air. The technology is expected to be used as a mechanism to reduce emissions from transportation and enable permanent capture of existing atmospheric CO2.

Mendota BECCS project

Chevron is collaborating with Schlumberger New Energy, Microsoft, and Clean Energy Systems, to work toward developing a bioenergy with carbon capture and sequestration (BECCS) project in Mendota, California. The project is designed to utilize agricultural waste to produce renewable power while capturing and permanently storing CO2 produced in the process in a geologic formation. The project is expected to result in net-negative emissions when fully operational, storing 300,000 tonnes of CO2 annually.

Enterprise

We announced a framework with Enterprise Products Partners L.P. to study and evaluate opportunities for CCUS from their respective business operations in the U.S. midcontinent and Gulf Coast. Potential projects resulting from the evaluation would seek to create opportunities to capture, aggregate, transport, and sequester CO2.

Blue Planet

Chevron is invested in Blue Planet, which uses CO2 as a raw material for making carbonate rocks used in place of quarried limestone in building material. In addition, we are exploring opportunities to collaborate on potential pilot projects and commercial development in key geographies.

NovoNutrients

NovoNutrients, a startup focused on using carbon dioxide emissions to make inputs, like protein flours, for the food system, is part of Chevron’s Catalyst Program, which is focused on accelerating early-stage companies working on innovative technologies.

McKittrick Carbon Capture

We recently completed FEED (front-end engineering design) for a commercial-scale project in the San Joaquin Valley, California, to capture CO2 from a cogeneration plant’s gas turbine. The project combines two technologies: CarbonPoint Solutions’ Semi-Closed Cycle CO2 Concentration Technology and Carbon Clean’s Advanced Rotating Packed Bed Solvent Capture Technology. If successful, this opportunity could capture as many as 218 tonnes of CO2 per day.

offsets

offsets

Some examples of our partnerships, associations and investments include:

World Bank

Chevron is party to a memorandum of understanding with the World Bank. The World Bank’s goal is to enhance global climate ambitions in mitigation actions and activities to facilitate the development of carbon and climate markets and associated infrastructure based on emerging international and national regulatory frameworks. Specifically, we seek to collaborate on activities that promote the establishment by the World Bank of facilities that may generate, warehouse, acquire, sell, or otherwise transfer mitigation outcomes in support of the Paris Agreement.

IHS Markit

Chevron is an advisory board member of the IHS Markit Carbon Meta-Registry. IHS Markit is leading a consortium of stakeholders in the global carbon markets to develop the market infrastructure needed to support the realization of Paris Agreement carbon-emissions targets. The Carbon Meta-Registry will provide a network to connect voluntary and government carbon credit programs, market participants, and service providers. It will leverage distributed ledger technology and reduce the risk that credits are counted or claimed more than once.

Oil and Gas Climate Initiative (OGCI)

Chevron participates in the OGCI’s Natural Climate Solutions workstream, exploring ways to enhance the scientific, technological, and operational basis for a global scaling-up of natural climate solutions (NCSs).

Boomitra

Chevron is invested in Boomitra, a startup developing an agricultural technology to enable farm carbon sequestration and monetization. Boomitra has the potential to cost-effectively grow the supply of carbon offsets to meet increasing demand.

Markets for Natural Climate Solutions Initiative

Chevron is a founding member of the Markets for Natural Climate Solutions Initiative to boost climate action. NCSs provide a potentially cost-effective form of carbon management that can contribute to the goals of the Paris Agreement. In collaboration with the International Emissions Trading Association, Chevron is working with members and stakeholders on a policy roadmap and market strategy.

University of Maryland

Chevron supports the University of Maryland’s modeling and analysis to promote carbon markets and transferability of emissions credits.

Institute of International Finance Taskforce on Scaling Voluntary Carbon Markets

Chevron is a consultative group member of the Institute of International Finance Taskforce on Scaling Voluntary Carbon Markets (TSVCM). A large, transparent, verifiable, and robust voluntary carbon market can help deliver carbon-reduction goals and is key to the integrity of reductions. The TSVCM brings together experts across the carbon market value chain to help build consensus on how best to scale up voluntary carbon markets.

Acorns and One Tree Planted

In collaboration with Acorns, a saving and investing app in the United States, Chevron is piloting a new program in California to have five trees planted via the One Tree Planted organization every time a customer fills up at the pump. While not an offset credit–generating activity, the program provides an opportunity to better understand consumer interest in offsetting emissions from use of our products.

emerginglowercarbonopportunities

emerging lower carbon opportunities

Some examples of our projects, partnerships, and investments include:

Rice Alliance for Technology and Entrepreneurship

Chevron is a founding supporter of the Rice Alliance Clean Energy Technology Accelerator, which develops programs to support early-stage energy startups.

Greentown Labs

Chevron partnered with Greentown Labs, the largest climate technology startup incubator in North America, to support opening a Houston, Texas, location. This builds on our support for Greentown Labs in Boston since 2013.

MIT

Chevron is a sustaining member of the MIT Energy Initiative, which fosters new research and education to develop innovative tools, technologies, and solutions to address global energy needs and challenges.

Baseload Capital

Chevron is invested in Baseload Capital, a private investment company focused on the development and operation of lower-temperature geothermal and heat power assets.

Zap Energy

Chevron is invested in Zap Energy, a startup developing a next-generation modular nuclear reactor with an innovative approach to advancing cost-effective, flexible, and commercially scalable fusion.

Eavor Technologies

Chevron is invested in Eavor Technologies, a company that provides a closed-loop geothermal technology for both power and direct heat markets. Eavor’s innovative system has dispatchability for power load balancing, which is becoming more essential as intermittent renewables saturate more power grids.

Ocergy

Chevron is invested in Ocergy, a developer of floating offshore wind foundation technology. The investment will also fund the development of an environmental monitoring buoy that has the potential to gather data and support biodiversity.

Natel Energy

Chevron is invested in Natel Energy, a startup providing hydropower-based technology that has the potential to unlock distributed hydropowered resources and that aims to provide a reliable, dispatchable power resource to balance intermittent renewables.

Mainspring

Chevron is invested in Mainspring Energy, a startup developing technology that has the potential to enable greater fuel flexibility and utilization of lower carbon fuels with near-zero NOx emissions.

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