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Chevron (CVX) to Develop Major Hydrogen Businesses With Toyota
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Chevron Corporation (CVX - Free Report) signed a memorandum of understanding with Toyota Motor North America, Inc., a subsidiary of Toyota Motor Corporation (TM - Free Report) , to create green hydrogen businesses. The collaboration seeks to transition to an effective and booming global hydrogen economy.
Chevron, through its subsidiary Chevron Products Company, will accelerate and manage the development of commercially feasible and large-scale businesses in hydrogen in the United States. Notably, Chevron Products provides technology services and offers integrated information systems to connect people, ideas, processes and data.
Chevron and Toyota are looking to focus on three aspects, namely collaborating on public policy measures to facilitate the development of hydrogen infrastructure, analyzing the market demand for fuel-cell electric vehicles and the supply opportunities to fulfill the demand. Further, both companies are seeking opportunities to research and develop hydrogen-powered transportation and storage.
Chevron has been under immense pressure from investors and activists to match the climate commitments of cutting greenhouse gases by European energy giants like Royal Dutch Shell Plc and TOTAL SE . Notably, several companies are pursuing tangible plans to reduce emissions and setting low-carbon targets to achieve a carbon-neutral future.
Thus, Chevron decided to explore an alliance to develop hydrogen as it is regarded as an environmentally-friendly transportation fuel option. When burned, hydrogen does not emit greenhouse gases, which incite global warming and degrade the natural world. Notably, it can be delivered by pipelines and is comparatively easy to store as compared to other renewable power such as solar and wind.
The combination of Toyota’s expertise in developing hydrogen-powered fuel-cell technology and Chevron’s deep resources in the energy sector are capable of creating new transportation decisions for consumers and businesses. On its part, the opportunity utilizes the market position, assets, technology and organizational capability of Chevron, and is expected to help achieve its low-carbon transition goal.
Company Profile & Price Performance
Headquartered in San Ramon, CA, Chevron is one of the largest publicly-traded oil and gas companies. It is fully integrated, with operations all over the world.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 15.1% compared with the industry’s 11.3% growth.
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Chevron (CVX) to Develop Major Hydrogen Businesses With Toyota
Chevron Corporation (CVX - Free Report) signed a memorandum of understanding with Toyota Motor North America, Inc., a subsidiary of Toyota Motor Corporation (TM - Free Report) , to create green hydrogen businesses. The collaboration seeks to transition to an effective and booming global hydrogen economy.
Chevron, through its subsidiary Chevron Products Company, will accelerate and manage the development of commercially feasible and large-scale businesses in hydrogen in the United States. Notably, Chevron Products provides technology services and offers integrated information systems to connect people, ideas, processes and data.
Chevron and Toyota are looking to focus on three aspects, namely collaborating on public policy measures to facilitate the development of hydrogen infrastructure, analyzing the market demand for fuel-cell electric vehicles and the supply opportunities to fulfill the demand. Further, both companies are seeking opportunities to research and develop hydrogen-powered transportation and storage.
Chevron has been under immense pressure from investors and activists to match the climate commitments of cutting greenhouse gases by European energy giants like Royal Dutch Shell Plc and TOTAL SE . Notably, several companies are pursuing tangible plans to reduce emissions and setting low-carbon targets to achieve a carbon-neutral future.
Thus, Chevron decided to explore an alliance to develop hydrogen as it is regarded as an environmentally-friendly transportation fuel option. When burned, hydrogen does not emit greenhouse gases, which incite global warming and degrade the natural world. Notably, it can be delivered by pipelines and is comparatively easy to store as compared to other renewable power such as solar and wind.
The combination of Toyota’s expertise in developing hydrogen-powered fuel-cell technology and Chevron’s deep resources in the energy sector are capable of creating new transportation decisions for consumers and businesses. On its part, the opportunity utilizes the market position, assets, technology and organizational capability of Chevron, and is expected to help achieve its low-carbon transition goal.
Company Profile & Price Performance
Headquartered in San Ramon, CA, Chevron is one of the largest publicly-traded oil and gas companies. It is fully integrated, with operations all over the world.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 15.1% compared with the industry’s 11.3% growth.
Zacks Rank
The company currently sports a Zack Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Zacks' Top Picks to Cash in on Artificial Intelligence
In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.
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