Chevron invests in CCUS firm ION
Chevron New Energies (CNE), a division of Chevron USA, announced a lead investment in ION Clean Energy (ION), a Boulder-based technology company that provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system. ION raised US$45 million in Series A financing led by CNE. The capital raised will continue to fund ION’s organisational growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions.
CNE looks to use ION’s ICE-31 technology to service customers with high volume and low concentration CO2 emissions. This investment also provides CNE with the opportunity to partner with ION customers on projects to scale the technology sooner.
“We continue to make progress on our goal to deliver the full value chain of carbon capture, utilisation, and storage (CCUS) as a business, and we believe ION is a part of this solution. ION has consistent proof points in technology performance, recognition from the Department of Energy, partnerships with global brands, and a strong book of business that it brings to the relationship,” said Chris Powers, vice president of CCUS & Emerging with CNE. “ION’s solvent technology, combined with Chevron’s assets and capabilities, has the potential to reach numerous emitters and support our ambitions of a lower carbon future. We believe collaborations like this are essential to our efforts to grow carbon capture on a global scale.”
“We have truly special solvent technology. It is capable of very high capture efficiency with low energy use while simultaneously being exceptionally resistant to degradation with virtually undetectable emissions. That’s a pretty powerful combination that sets us apart from the competition. This investment from Chevron is a huge testament to the hard work of our team and the potential of our technology,” said ION Founder/Executive Chairman Buz Brown.
This investment in ION expands Chevron’s technology portfolio to include conventional amine-based capture technology while complementing an existing portfolio of CCUS technologies. CIBC Capital Markets served as the exclusive financial advisor to ION for the raise.
