Chevron buys world's biggest hydrogen plant in Utah

HOUSTON, Sept 15 (Reuters): US oil major Chevron Corp on Tuesday said it has acquired a majority stake in the world's largest proposed storage facility for hydrogen from renewable energy.
US majors Chevron and Exxon Mobil are rushing to lower production costs and bring scale to the technology as part of their lower carbon fuel strategy.
Chevron bought the stake in ACES Delta from private equity firm Haddington Ventures. The Delta, Utah, project last year received the first US Department of Energy loan for clean energy in nearly a decade, of $504 million.
ACES Delta is a joint venture between Mitsubishi Power Americas and Magnum Development. Financial terms of the deal were not disclosed.
Chevron wants to develop "a large-scale, hydrogen platform that provides affordable, reliable, ever-cleaner energy," said Austin Knight, vice president of hydrogen, Chevron New Energies.