Chevron's Clean Energy Division, called Chevron New Energies (CNE), has made a significant investment in ION Clean Energy (ION), a technology company based in Boulder. ION specializes in post-combustion point-source capture technology using its third-generation ICE-31 liquid amine system. The investment of $45 million in Series A financing, led by CNE, will support ION's organizational growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for difficult-to-reduce emissions.
CNE aims to utilize ION's ICE-31 technology to assist customers dealing with high volume and low concentration CO2 emissions. This investment also offers CNE the opportunity to collaborate with ION's customers on projects to expedite the technology's expansion.
“We are continuing to advance towards our goal of providing the complete value chain of carbon capture, utilization, and storage (CCUS) as a business, and we consider ION to be a part of this solution. ION has demonstrated consistent technological performance, received recognition from the Department of Energy, established partnerships with global brands, and has a strong client base, all of which it brings to this partnership,” stated Chris Powers, vice president of CCUS & Emerging at CNE. “ION's solvent technology, in combination with Chevron's resources and capabilities, has the potential to reach numerous emitters and support our aspirations for a lower carbon future. We believe that collaborations like this are crucial to our efforts to expand carbon capture on a global scale.”
“We possess truly exceptional solvent technology. It achieves very high capture efficiency with low energy use, while also being highly resistant to degradation with virtually undetectable emissions. This is a powerful combination that sets us apart from our competitors. This investment from Chevron is a significant endorsement of the hard work of our team and the potential of our technology,” remarked ION founder and Executive Chairman Buz Brown. “We value their collaboration, and with their investment, we anticipate accelerating the commercial deployment of our technology so that we can realize the wide-ranging commercial and environmental impact we have long envisioned.”
In connection with this investment, ION also revealed that Timothy Vail will join the company as Chief Executive Officer. Vail previously served as CEO of Arbor Renewable Gas, LLC, and as Founder and CEO of G2X Energy, Inc. Additionally, he holds the position of Operating Partner for OGCI Climate Investments, LLP.
“With this investment, we are well positioned to expand ION into a global provider of high-performance point source capture solutions.” stated Vail. “This funding allows us to expedite the commercial deployment of our carbon capture technology.”
This investment in ION broadens Chevron's technology portfolio to include traditional amine-based capture technology, complementing its existing portfolio of CCUS technologies. CIBC Capital Markets acted as the exclusive financial advisor to ION for the fundraising.
