Chevron New Energies (CNE), a division of Chevron U.S.A. Inc. (San Ramon, Calif.), 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 $45 million in Series A financing led by CNE. The capital raised will continue to fund ION’s organizational 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, utilization, 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 and Executive Chairman Buz Brown. “We appreciate their collaboration and with their investment we expect to accelerate commercial deployment of our technology so that we can realize the kind of wide-ranging commercial and environmental impact we’ve long envisioned.”
In conjunction with this investment, ION also announced Timothy Vail will join the company as Chief Executive Officer. Vail was previously CEO of Arbor Renewable Gas, LLC. He was also Founder and CEO of G2X Energy, Inc., and serves as an Operating Partner for OGCI Climate Investments, LLP.
“With this investment, we are well positioned to grow ION into a worldwide provider of high-performance point source capture solutions.” said Vail. “This capital allows us to accelerate the commercial deployment of our carbon capture technology.”
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.