Chevron New Energies, a division of Chevron U.S.A. Inc., has announced a significant lead investment in ION Clean Energy, a Boulder-based technology company renowned for its post-combustion point-source capture technology, specifically its third-generation ICE-31 liquid amine system. ION has successfully raised $45 million in Series A financing, with CNE spearheading the investment. The capital infusion will bolster ION’s organizational expansion and support the commercial deployment of its ICE-31 liquid amine carbon capture technology, primarily aimed at addressing hard-to-abate emissions.
CNE’s strategic investment in ION underscores its objective to utilise ICE-31 technology to cater to customers grappling with high volume and low concentration CO2 emissions. Additionally, this partnership provides CNE with the opportunity to collaborate with ION customers on projects aimed at scaling the technology at a faster pace.
Chris Powers, vice president of CCUS & Emerging at CNE, expressed optimism about the collaboration, stating, “We continue to make progress on our goal to deliver the full value chain of carbon capture, utilization, and storage as a business, and we believe ION is a part of this solution.”
ION’s founder and executive chairman, Buz Brown, lauded Chevron’s investment as a significant endorsement of their technology’s potential. “We have truly special solvent technology,” Brown noted. “This investment from Chevron is a huge testament to the hard work of our team and the potential of our technology.”
In conjunction with the investment, ION announced the appointment of Timothy Vail as chief executive officer. Vail brings a wealth of experience to the role, having previously served as CEO of Arbor Renewable Gas, LLC, and as founder and CEO of G2X Energy, Inc.
“With this investment, we are well positioned to grow ION into a worldwide provider of high-performance point source capture solutions,” Vail remarked.
This investment expands Chevron’s technology portfolio to include conventional amine-based capture technology, complementing its existing portfolio of CCUS technologies. CIBC Capital Markets acted as the exclusive financial advisor to ION for the raise.
For more information visit www.chevron.com
