Follow Us "Chevron Partners With Engine No. 1, GE Vernova To Power U.S. Data Centers: Retail Sentiment Improves")
synopsis
The firms said that the initial in-service has been targeted by the end of 2027, with a potential for project expansion beyond this capacity. The projects are expected to serve co-located data centers in the U.S. Southeast, Midwest, and West regions.
Energy major Chevron Corp (CVX) and investment firm Engine No. 1, on Tuesday, announced a partnership to build a new company to develop scalable, reliable power solutions for U.S.-based data centers running on U.S. natural gas.
The joint development, in conjunction with GE Vernova (GEV), intends to establish the first multi-gigawatt-scale co-located power plant and data center during President Donald Trump’s second term.
It plans to deliver up to four gigawatts (GW) of power, the equivalent of powering 3-3.5 million U.S. homes.
The firms said that the initial in-service has been targeted by the end of 2027, with a potential for project expansion beyond this capacity. The projects are expected to serve co-located data centers in the U.S. Southeast, Midwest, and West regions.
Chevron CEO Mike Wirth said Trump’s pro-American energy policies and commitment to energy and AI dominance have given them the confidence to invest in projects that will create American jobs and strengthen national security.
According to the firms, the projects are expected to be designed with the flexibility to integrate lower-carbon solutions, such as carbon capture and storage (CCS) — which is capable of capturing >90% of the CO2 from the turbines — and renewable energy resources.
On Stocktwits, retail sentiment surrounding Chevron climbed into the ‘bullish’ territory (56/100), while for GE Vernova, the sentiment meter climbed into the ‘neutral’ territory (47/100) from ‘bearish’ a day ago.
CVX shares have gained over 6% year-to-date and have risen over 4% over the past year. GEV shares are down nearly 1% this year and have gained over 156% over the past year.
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