Agree to demonstrate hydrogen locomotive
prototype
Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE:
CVX), and Caterpillar Inc. (NYSE: CAT) today announced a
collaboration agreement to develop hydrogen demonstration projects
in transportation and stationary power applications, including
prime power.
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The goal of the collaboration is to confirm the feasibility and
performance of hydrogen for use as a commercially viable
alternative to traditional fuels for line-haul rail and marine
vessels. The collaboration also seeks to demonstrate hydrogen’s use
in prime power. Linked to the collaboration, and facilitated by
Progress Rail, a Caterpillar company, the parties also agreed to
demonstrate a hydrogen-fueled locomotive and associated
hydrogen-fueling infrastructure. Work on the rail demonstration
will begin immediately at various locations across the United
States.
“Through Chevron New Energies, Chevron is pursuing opportunities
to create demand for hydrogen – and the technologies needed for its
use – for the heavy-duty transportation and industrial sectors, in
which carbon emissions are harder to abate,” said Jeff Gustavson,
president of Chevron New Energies. “Our collaboration with
Caterpillar is another important step toward advancing a
commercially viable hydrogen economy.”
“As we work to provide customers with the capability to use
their desired fuel type in their operations, collaborating with
Chevron is a great opportunity to demonstrate the viability of
hydrogen as a fuel source,” said Joe Creed, Caterpillar
group president of Energy & Transportation. “This agreement
supports our commitment to investing in new products, technologies
and services to help our customers achieve their climate-related
objectives as they build a better, more sustainable world.”
About Chevron
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance a lower-carbon future, we are focused on cost
efficiently lowering our carbon intensity, increasing renewables
and offsets in support of our business, and investing in low-carbon
technologies that enable commercial solutions. More information
about Chevron is available at www.chevron.com.
About Caterpillar
With 2020 sales and revenues of $41.7 billion, Caterpillar Inc.
is the world’s leading manufacturer of construction and mining
equipment, diesel and natural gas engines, industrial gas turbines,
and diesel-electric locomotives. Since 1925, we’ve been driving
sustainable progress and helping customers build a better world
through innovative products and services. Throughout the product
life cycle, we offer services built on cutting-edge technology and
decades of product expertise. These products and services, backed
by our global dealer network, provide exceptional value to help our
customers succeed. We do business on every continent, principally
operating through three primary segments – Construction Industries,
Resource Industries, and Energy & Transportation – and
providing financing and related services through our Financial
Products segment. Visit us at caterpillar.com or join the
conversation on our social media channels at
caterpillar.com/social-media.
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the risks and hazards inherent in operating in the global energy
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Factors” on pages 18 through 23 of the company's 2020 Annual Report
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Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
Forward-Looking Statements
Certain statements in this press release relate to future events
and expectations and are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “believe,” “estimate,” “will be,” “will,” “would,”
“expect,” “anticipate,” “plan,” “forecast,” “target,” “guide,”
“project,” “intend,” “could,” “should” or other similar words or
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Caterpillar’s actual results may differ materially from those
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number of factors, including, but not limited to: (i) global and
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industries we serve; (ii) commodity price changes, material price
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(v) international trade policies and their impact on demand for our
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to develop, produce and market quality products that meet our
customers’ needs; (vii) the impact of the highly competitive
environment in which we operate on our sales and pricing; (viii)
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inventory management decisions and sourcing practices of our
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in realizing, all of the anticipated benefits of our acquisitions,
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employee relations issues; (xii) adverse effects of unexpected
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Financial Products segment’s risks associated with the financial
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liquidity conditions; (xvii) an increase in delinquencies,
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other filings with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210908005265/en/
Tyler Kruzich, Chevron External Affairs
TKruzich@chevron.com t. (925) 549-8686
Kate Kenny, Caterpillar Global Government &
Corporate Affairs Kenny_Kate@cat.com t. (309) 361-9333
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