(WO) – Chevron New Energies, a division of Chevron USA Inc., makes a lead investment in ION Clean Energy, a Boulder-based technology company offering third-generation ICE-31 liquid post-combustion point source capture technology. announced. Amine type.
ION has raised $45 million in Series A funding led by CNE. The funds raised will continue to fund ION’s organizational growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for difficult-to-reduce emissions.
CNE is looking to use ION’s ICE-31 technology to serve customers with large, low-concentration CO2 emissions. This investment also gives CNE the opportunity to partner with his ION customers on projects to scale the technology faster.
“As a business we continue to move towards our goal of delivering a complete carbon capture, utilization and storage (CCUS) value chain and we believe ION is part of this solution. “We have consistent evidence of technology performance, recognition from the Department of Energy, partnerships with global brands, and the strong business literature we bring to those relationships,” said Chris Powers, vice president of CCUS & Emerging at CNE. I am.
“By combining ION’s solvent technology with Chevron’s assets and capabilities, we have the potential to reach many emitters and support our ambitions for a low-carbon future. We believe collaborations like this are essential to our efforts to scale up collections.”
“We have a truly special solvent technology that delivers very high capture efficiencies with low energy usage, while also having excellent resistance to degradation with virtually undetectable emissions. It’s a very powerful combination that sets us apart. This investment from Chevron is a great testament to the hard work of our team and the potential of our technology,” said ION Founder and Executive Chairman. Buzz Brown said.
“We are grateful for their collaboration and look forward to their investment accelerating the commercial deployment of our technology and enabling us to realize the broader commercial and environmental impacts we have long envisioned.” Masu.”
In conjunction with this investment, ION also announced that Timothy Vail will join the company as CEO. Vail previously served as CEO of Arbor Renewable Gas, LLC. He is also the founder and CEO of G2X Energy, Inc. and an operating partner of OGCI Climate Investments, LLP.
This investment in ION expands Chevron’s technology portfolio to include traditional amine-based capture technologies while complementing its existing portfolio of CCUS technologies. CIBC Capital Markets acted as exclusive financial advisor to ION in this financing.
