A process of catalytically dehydrogenating an alkane to an alkene, using Cr2O3 as a catalyst, where the catalyst is reduced concurrently with the dehydrogenation by using CO as a reducing gas. In reducing the catalyst with CO, CO2 is produced, which may be reacted with H2 produced by the dehydrogenation, to form CO and H2O by the reverse water-gas shift reaction. A Cu O heat-releasing material may be included with the catalyst in the reactor. The CO reducing gas reduces CuO to form Cu and CO2, releasing heat. The CO2 produced by reducing the Cu O may also be reacted with H2 produced by the dehydrogenation, to form CO and H2O by the reverse water-gas shift reaction.