The companies will explore an alliance to develop commercially viable, large-scale hydrogen businesses. The Chevron Products Co. division of Chevron U.S.A. Inc. (NYSE: CVX) and Toyota Motor North America, Inc. (NYSE: TM) have reached a memorandum of understanding (MOU) to pursue a strategic alliance on hydrogen, Chevron reported Wednesday. Under the MOU, the companies will explore an alliance to develop commercially viable, large-scale hydrogen businesses, Chevron noted in a written statement emailed to Rigzone. “We are excited to collaborate with Toyota,” remarked Andy Walz, president of Chevron’s Americas Fuels & Lubricants unit. “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.” Chevron stated that it will work on three main strategic […]