Chevron Corporation is taking major steps towards becoming a more sustainable company.
Through its Chevron New Energies division, the company has signed a Joint Study Agreement to explore the development of selected green hydrogen and power generation projects. The Department of Energy has also announced $52 million to advance clean energy projects, and Chevron is committing to providing “cleaner” fossil fuels.
In addition, the company recently announced its largest green hydrogen development, the Advanced Clean Energy Project, which will supply “green” hydrogen for power generation. Moreover, Chevron USA Inc. is pulling out of a renewable-powered hydrogen project in California and has invested heavily in its Renewables and New Energy Solutions (formerly New Energies) division.
These initiatives demonstrate that Chevron is serious about reducing its carbon intensity and investing in low-carbon energy production.
Chevron is taking steps to pursue geothermal energy opportunities in Nevada.
The company’s clean energy arm, Chevron New Energies, has set up a joint venture with Baseload Capital to develop the technology in the United States. The two companies will collaborate on driving geothermal opportunities such as identifying the best prospects for development and operations, as well as progressing pilot technologies towards commercial scale use.
Together they have identified a potential location in Nevada that already has some potential for further development.
Geothermal resources have the potential to generate far more efficient energy than traditional methods and could prove to be an inexhaustible source of power.
Chevron and Baseload Capital are optimistic about their joint venture and believe it is an important step toward their lower carbon goals for the future.
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