Chevron Turns to the Sun to Cash In on This $1.4 Trillion Opportunity
(NYSE: CVX) recently revealed plans to build its first solar-to-hydrogen production facility in California. The project would turn non-potable water from its existing operations into an emissions-free fuel source with help from the sun. The clean hydrogen will help support the state's growing need for lower-carbon energy.
This investment will be Chevron's first solo commercial hydrogen project. It will help the oil and gas giant get in the position to cash in on the emerging hydrogen market, which Deloitte sees growing to $1.4 trillion by 2050. It could be a major growth driver for Chevron.
Chevron plans to develop a 5-megawatt (MW) hydrogen production facility in California. The oil company plans to use solar energy, land, and non-potable water (i.e., unsuitable for human consumption) from an existing oil and gas field in the state. Chevron will use "produced water," which is water produced as a byproduct of its other operations. While that water isn't fit for drinking, it's suitable for producing hydrogen.
Source Fool.com
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