Chevron to acquire a minority stake in Mitsubishi Power Americas and Magnum Development-backed ACES Delta.

Chevron, an energy corporation, agreed to acquire a minority stake in Mitsubishi Power Americas and Magnum Development-backed ACES Delta, an advanced clean energy storage project owner. Financial terms are not disclosed. “Chevron New Energies was created to grow new competitive business lines in areas like hydrogen. The potential to partner with Mitsubishi Power and Magnum Development on the Advanced Clean Energy Storage project presents an exciting opportunity that would bring together our unique strengths and would provide a scalable platform to supply our customers with affordable, reliable and ever-cleaner energy,”Jeff Gustavson, Chevron New Energies President.