SAN RAMON, Calif. and
DEERFIELD, Ill., Sept. 8, 2021 /PRNewswire/ -- 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.
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
industry; and the factors set forth under the heading "Risk
Factors" on pages 18 through 23 of the company's 2020 Annual Report
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factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
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this press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
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(v) international trade policies and their impact on demand for our
products and our competitive position, including the imposition of
new tariffs or changes in existing tariff rates; (vi) our ability
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)
information technology security threats and computer crime; (ix)
inventory management decisions and sourcing practices of our
dealers and our OEM customers; (x) a failure to realize, or a delay
in realizing, all of the anticipated benefits of our acquisitions,
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employee relations issues; (xii) adverse effects of unexpected
events; (xiii) disruptions or volatility in global financial
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competitive position and access to capital markets; (xv) our
Financial Products segment's risks associated with the financial
services industry; (xvi) changes in interest rates or market
liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial's customers; (xviii)
currency fluctuations; (xix) our or Cat Financial's compliance with
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SOURCE Caterpillar Inc.