About Magnum Development
Magnum Development is an Energy & Utilities company based in Salt Lake City (United States) founded in 2006, and was acquired by Chevron in September 2023. Transportation and storage services for natural gas industries are provided. It operates on a Green Energy-as-a-Service and Managed Services model. Magnum Development offers products and services including Gas Storage Solutions and Hydrogen Energy Storage. Its focus areas include Energy, Renewable Energy, Hydrogen Storage and Oil and Gas. Its legal entity is Magnum Development, LLC. Its competitors include Dominion Energy, Eni Next and Oxy.
Company details
Magnum Development, LLC, a subsidiary of Chevron, is engaged in energy storage solutions through the Western Energy Hub in Delta, Utah. The company focuses on the storage of liquids and gases in underground salt formations. Projects like Sawtooth Caverns and ACES Delta, a joint venture with Mitsubishi Power Americas, are developed to store utility-scale hydrogen using renewable energy. The hub connects upstream production with downstream customers via extensive infrastructure, supporting reliable and scalable energy distribution across the western United States.
- Headquarters Salt Lake City, United States
- Stage Acquired
- SectorsEnergy & Utilities
- Email••••••••
- Phone•••• ••••
- Website magnumdev.com
- Social LinkedIn
- Acquired by Chevron (Sep 2023)
- Legal Name Magnum Development, Llc
Products & Services of Magnum Development
Magnum Development offers a comprehensive portfolio of products and services, including Gas Storage Solutions and Hydrogen Energy Storage.
Storage solutions for gases in underground salt caverns are provided.
Utility-scale hydrogen storage using renewable energy is facilitated.
Funding Insights of Magnum Development
- Total Rounds 1
- Investors Count 1
All 1 funding rounds of Magnum Development with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jan 2008 | Series A | – | – |
2 investors in total: 2 institutional.
Investors in Magnum Development
Magnum Development has secured backing from 2 investors, including venture fund and institutional investors. Prominent investors backing the company include Chevron and Haddington Ventures.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
| hvllc.com | ||||
Chevron Corporation is engaged in global energy production and sustainability. | 1879 | chevron.com | United States |
Investor details for Magnum Development
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
- Co-investor network
Verified entity values are shown only after access is granted.
Timeline of Magnum Development
3 dated milestones of Magnum Development across 17 years, from founding to its latest funding, stage changes and deals.
- Founded Magnum Development is founded.
- Funding First funding round.
- Exit Acquired by Chevron.
Competitors of Magnum Development
Magnum Development has 3 listed competitors in our database. They include Dominion Energy, Eni Next and Oxy.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| dominionenergy.com | 1983 | United States | 17,700 | Energy production and transportation are conducted by Dominion Energy. | ||
| eni.com | 1953 | Boston, United States | 62 | Provider of exploration, production, and distribution services of oil & gas | ||
| oxy.com | 1920 | Houston, United States | 12,570 | Integrated petroleum services are provided worldwide by Oxy. |
Detailed competitors of Magnum Development
The full competitor set, operating metrics and side-by-side benchmarks require an active premium plan.
- Full competitor set
- Operating metrics
- Benchmarks
- Competitive positioning
Verified entity values are shown only after access is granted.
Top companies in Oil & Gas Operations
3 companies that operate in the same segment as Magnum Development (Oil & Gas Operations) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Oilfield services and products are supplied worldwide by Schlumberger. | 1926 | United States | USD 35.69 B | 110,000 | ||
bp is recognized as a global energy company. | 1909 | United States | USD 185.5 B | 100,500 | ||
Energy production and transportation are conducted by Dominion Energy. | 1983 | United States | USD 16.73 B | 14,700 |
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Frequently Asked Questions about Magnum Development
Magnum Development was founded in 2006 and raised its 1st funding round 2 years after it was founded.
Magnum Development is headquartered in Salt Lake City, United States. It is registered at Salt Lake City, Utah, United States.
Annual revenue of Magnum Development is $93.62K as on Dec 31, 2021.
Magnum Development, LLC, a subsidiary of Chevron, is engaged in energy storage solutions through the Western Energy Hub in Delta, Utah. The company focuses on the storage of liquids and gases in underground salt formations. Projects like Sawtooth Caverns and ACES Delta, a joint venture with Mitsubishi Power Americas, are developed to store utility-scale hydrogen using renewable energy. The hub connects upstream production with downstream customers via extensive infrastructure, supporting reliable and scalable energy distribution across the western United States.
Magnum Development's top competitors include Dominion Energy, Oxy and Eni Next.
Magnum Development offers Gas Storage Solutions and Hydrogen Energy Storage.
Magnum Development has 2 investors. Key investors include Chevron, and Haddington Ventures.
Magnum Development operates through Magnum Development, Llc.
Yes. Magnum Development was acquired by Chevron in September 2023.