Chevron Corporation CVX through its subsidiary Chevron Products Companyannounced a memorandum of understanding (MOU) with Cummins Inc. CMI, a worldwide leader in power and hydrogen technology. The MOU aims to explore a potential collaboration for generating commercially feasible business prospects in hydrogen and other alternative energy sources.The MOU establishes a framework for Chevron and Cummins to coordinate on four main goals, such as promoting hydrogen as a decarbonizing alternative for transportation and industry through public policy; increasing market demand for hydrogen-powered commercial cars and industrial uses; constructing infrastructure to enable hydrogen usage in industries and fuel cell vehicles and researching on how Cummins’ electrolyzer and fuel cell technology may be used in one or more of Chevron's domestic refineries.Andy Walz, president, Chevron Americas Fuels & Lubricants, stated that “Chevron is committed to developing and delivering affordable, reliable, ever-cleaner energy, and collaborating with Cummins is a positive step toward our goal of building a large-scale business in a lower-carbon area that is complementary to our current offerings”.He went on to add that Chevron is investing in lower-carbon solutions like hydrogen that will enable its customers to minimize the carbon intensity of their companies and daily lives. The company also put money on producing and delivering renewable natural gas, mixing renewables with its fuels, coprocessing biofeedstocks in its refineries and taking emission-reduction initiatives to lower its carbon footprint.Brief on the CompanyChevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related process, ranging from oil production to refining and marketing.Zacks Rank & Key PicksChevron has a Zacks Rank #3 (Hold), currently. Some better-ranked players in the energy space are Matador Resources Company MTDR and Continental Resources, Inc. CLR, each presently flaunting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Cummins Inc. (CMI): Free Stock Analysis Report Continental Resources, Inc. (CLR): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research