Chevron, a US energy giant, has bought a majority stake in the Advanced Clean Energy Storage (ACES) project. The oil giant declared that it had reached an agreement with private equity firm Haddington Ventures to buy 100 per cent of Magnum Development LLC, giving it majority control over the latter’s joint venture with Mitsubishi Power Americas LLC. The project, which intends to convert renewable energy into green hydrogen for seasonal storage in solution-mined salt caverns, is being driven by the joint company, known as ACES Delta LLC.
The amount of Chevron’s contribution, which supports the group’s pursuit of low-carbon energy alternatives, wasn’t made public. According to Bloomberg, the deal gave it a 78% stake in the massive project that would eventually allow for the hydrogen-based storage of about 300 GWh of sustainable energy. Furthermore, the installation of 220 MW of high-pressure alkaline electrolysers is planned for the first ACES stage in order to create up to 100 metric tonnes of hydrogen daily. The project is currently under construction, with commercial operations set to begin in the middle of 2025. Its production will be used to fuel an Intermountain Power Agency gas turbine combined cycle power plant that can run on hydrogen.
In August 2023, Sapphire Technologies secured $10 million in series B funding. Some of the investors who supported this financing were: Marathon Petroleum, Equinor Ventures, Energy Capital Ventures, Cooper and Company, and Chevron Technology Ventures. The company planned to use the funding to boost the development of the FreeSpin in-line turboexpander.