Chevron and Toyota have today (21st April) unveiled a new strategic alliance which aims to advance a functional, thriving global hydrogen economy.
The two companies have signed a new Memorandum of Understanding (MoU) to catalyse and lead the development of commercially-viable, large-scale businesses in hydrogen.
The strategic alliance will look to work together on three main strategic priorities including collaborating on hydrogen-related public policy measures that support the development of hydrogen infrastructure.
In addition to this, both companies will attempt to understand current and future market demand for light-duty and heavy-duty fuel cell electric vehicles and supply opportunities for that demand, as well as explore opportunities to jointly pursue research and development in hydrogen-powered transportation and storage.
Read more: Chevron commits to hydrogen
Andy Walz, President of Chevron’s Americas Fuel and 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.”
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Bob Carter, Executive Vice-President of Toyota Motor North America, said, “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.”