Oil companies are increasingly looking to diversify into hydrogen as the world shifts away from fossil fuels over growing concerns about climate change.
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
- 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
- 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
Toyota has been researching and developing fuel cell technology for nearly 25 years, and manufactured its 1st hydrogen fuel cell vehicle in 2014.
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