Chevron Acquires Magnum Development and Majority Stake in ACES Delta Hydrogen Project
September 12, 2023
Chevron U.S.A. Inc., through its Chevron New Energies division, has closed the acquisition of 100% of Magnum Development, LLC from Haddington Ventures, gaining a majority interest in ACES Delta, LLC — the developer of the Advanced Clean Energy Storage hydrogen production and salt-cavern storage project in Delta, Utah. The project will produce and store renewable hydrogen (first phase ~100 metric tons/day) to serve utility, transportation and industrial customers in the western United States and is expected to enter commercial-scale operations in mid-2025.
- Buyers
- Chevron U.S.A. Inc. (Chevron New Energies)
- Targets
- Magnum Development, LLC, ACES Delta, LLC
- Sellers
- Haddington Ventures
- Industry
- Renewable Energy
- Location
- Utah, United States
- Transaction Type
- Buyout
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