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ION Clean Energy Secures Chevron Investment for Carbon Capture and Removal Technology
ION Clean Energy Secures Chevron Investment for Carbon Capture and Removal Technology

ION Clean Energy Secures Chevron Investment for Carbon Capture and Removal Technology

  • 05-Apr-2024 4:46 PM
  • Journalist: Yage Kwon

Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., has announced its major investment in ION Clean Energy (ION), a technology company based in Boulder. ION is renowned for its post-combustion point-source capture technology, notably its third-generation ICE-31 liquid amine system. In a Series A financing round, ION secured $45 million, led by CNE. The raised capital will be allocated towards furthering ION's organizational expansion and the commercial implementation of its ICE-31 liquid amine carbon capture technology, targeting challenging emissions to abate.

CNE aims to utilize ION's ICE-31 technology to cater to clients dealing with high-volume, low-concentration CO2 emissions. Additionally, this investment offers CNE the prospect to collaborate with ION's clients on projects, expediting the scaling of the technology.

Chris Powers, Vice President of CCUS & Emerging at CNE, emphasized the company's commitment to advancing the entire value chain of carbon capture, utilization, and storage (CCUS). He asserted that ION plays a pivotal role in achieving this objective, citing the company's consistent technological performance, endorsement from the Department of Energy, partnerships with global brands, and robust business portfolio. Powers highlighted the potential of ION's solvent technology, when coupled with Chevron's assets and capabilities, to reach numerous emitters and contribute to the realization of a lower carbon future. He stressed the importance of collaborations like this in scaling up carbon capture initiatives on a global level.

Buz Brown, the Founder and Executive Chairman of ION, highlighted the uniqueness of their solvent technology, emphasizing its exceptional attributes. He noted its remarkable ability to achieve high capture efficiency with minimal energy consumption, while also being highly resistant to degradation and producing virtually undetectable emissions. Brown emphasized that this combination sets their technology apart from competitors, making it a powerful solution. He expressed gratitude for Chevron's investment, viewing it as a significant validation of their team's hard work and the potential of their technology. Brown anticipated that Chevron's collaboration and investment would expedite the commercial deployment of their technology, allowing them to realize the wide-ranging commercial and environmental impact they have long envisioned.

In tandem with this investment, ION announced Timothy Vail's appointment as the Chief Executive Officer. Vail brings with him a wealth of experience, having served as CEO of Arbor Renewable Gas, LLC, and as Founder and CEO of G2X Energy, Inc. He also serves as an Operating Partner for OGCI Climate Investments, LLP. Vail expressed optimism about ION's growth prospects, aiming to position the company as a global provider of high-performance point-source capture solutions.

The investment in ION broadens Chevron's technology portfolio, adding conventional amine-based capture technology to complement its existing array of CCUS technologies. CIBC Capital Markets acted as the exclusive financial advisor to ION for the financing round.

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