MITSUBISHI POWER AMERICAS, INC.
Mitsubishi Power Welcomes Chevron as Partner in the Advanced Clean Energy Storage Project

The addition of Chevron to ACES Delta underscores the immense potential the project brings to the advancement of lower carbon intensity solutions, specifically in the areas of hydrogen production, storage, and utilization. ACES Delta will leverage Chevron's experience in the fuels business, alongside Mitsubishi Power's industry-leading clean energy technology solutions and services. The goal is to further advance decarbonization efforts, facilitate growth in demand for hydrogen, and develop future opportunities for commercially viable alternatives in the transportation, power, and industrial sectors.

"The addition of Chevron to ACES Delta is further evidence that partnership and commitment from a diverse group of experts and leaders are beneficial to the industry's continued pursuit of decarbonization solutions," said Michael Ducker, Senior Vice President of Hydrogen Infrastructure for Mitsubishi Power. "This project is a bellwether for the industry and serves as a model for future innovative clean energy projects. We welcome Chevron and look forward to working together."

Austin Knight, Vice President, Hydrogen, Chevron New Energies, said, "Expansion of the lower carbon intensity hydrogen supply, along with the development of innovative storage solutions, is critical to the reduction of greenhouse gas emissions. At Chevron, we look for projects that are moving the needle in this respect, and the Advanced Clean Energy Storage project in Delta, Utah is an example of a commercially viable project that will help advance a lower carbon future."

The Advanced Clean Energy Storage project is an industry and utility-scale, clean hydrogen facility designed to produce, store, and deliver green hydrogen to the western U.S. It intends to use excess renewable energy, such as wind and solar, to power large-scale electrolyzers supplied by Mitsubishi Power that will produce lower carbon intensity hydrogen and oxygen. The Advanced Clean Energy Storage project's ACES 1 is expected to produce approximately 100 metric tonnes of hydrogen per day by mid-2025.

The project intends to use Utah's unique geological salt domes to store the hydrogen across two massive salt caverns, each capable of storing 150-gigawatt hours of energy. The long-duration energy storage capability of the salt caverns is expected to help improve resource adequacy by capturing excess renewable power when it is abundant and dispatching it back on the grid when it is needed.

Offtake for the first two caverns has been secured by Intermountain Power Agency for their IPP Renewed project in central Utah. The 840-megawatt natural gas power plant at IPP Renewed plans to operate on fuel with up to 30 percent lower carbon intensity hydrogen in 2025 and 100 percent by 2045.

Additional Press Releases:

• US DOE Closes $504.4 Million Loan to Advanced Clean Energy Storage Project for Hydrogen Production and Storage
• World's Largest Renewable Energy Storage Project Announced in Utah
• Mitsubishi Power to Establish Hydrogen Power Demonstration Facility
• Mitsubishi Power Signs Purchase Contract with HydrogenPro for Large Scale Electrolyzer System

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,700 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power's power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world's leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

Contacts

Christa Reichhardt
Mitsubishi Power
+1 407-484-5599
Christa.Reichhardt@amermhi.com