Chevron and Toyota have agreed to explore forming a strategic partnership to catalyze and lead the creation of commercially viable, large-scale hydrogen enterprises, with the aim of advancing a functional, thriving global hydrogen economy.
Chevron and Toyota want to collaborate on three key strategic priorities: understanding current and future market demand for light-duty and heavy-duty fuel cell electric vehicles, as well as supply opportunities for that demand; and exploring opportunities to jointly pursue research and development.
“We are excited to collaborate with Toyota. 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.”Andy Walz, president of Chevron’s Americas Fuels & Lubricants.
“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.”Bob Carter executive vice president, Toyota Motor North America