According to Austin Knight, vice president of hydrogen at Chevron, the company will produce both green and blue hydrogen.

The revelation comes after TotalEnergies and BP announced massive green hydrogen investment plans on consecutive days earlier this week, providing a vote of confidence for the embryonic sector.

Chevron stated last autumn that it will invest $10 billion in renewable fuels, hydrogen, and carbon capture research and development until 2028, but it didn’t define how the money would be distributed among different technologies.

At the same time, the Biden administration is pressuring oil refiners to increase capacity as the increasing price of gasoline at the U.S. pumps fuels record inflation – and record profit margins. The stock of the San Ramon, California-based corporation has increased more than 30% so far this year.