U.S. oil major Chevron and Toyota Motor North America have signed a memorandum of understanding (MoU) for a strategic alliance to develop a hydrogen business.
The companies want to catalyze and lead the development of commercially viable, large-scale businesses in hydrogen, with the goal to advance a functional global hydrogen economy.
The three main strategic priorities are of this alliance include:
- 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.
“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,” said Andy Walz, president of Chevron’s Americas Fuels & Lubricants.
Bob Carter, executive vice president pf Toyota Motor North America, added: “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.”
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