Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., and Carbon Direct Capital have invested $45 million in the Boulder-based technology company ION Clean Energy, which provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system.
ION Clean Energy raised funds to support its organizational expansion and the implementation of its ICE-31 liquid amine carbon capture technology for challenging emissions.
“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. The investments from Chevron and Carbon Direct Capital are 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 investments 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”.
“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 apart 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 believe ION’s novel liquid amine solution is a game-changer for point source carbon capture,” commented Jonathan Goldberg, CEO of Carbon Direct Capital. “Especially for asset owners with hard-to-abate waste streams, ION has demonstrated exceptional performance coupled with standout environmental scores. ION has already received validation from the U.S. Department of Energy, EPC partners, and project customers. This round of growth capital is a further endorsement of ION’s technology by both financial and strategic investors”.
In other company developments, ION revealed that Timothy Vail will be appointed as the chief executive officer of the company. Vail, who previously held the position of CEO at Arbor Renewable Gas LLC, was also the Founder and CEO of G2X Energy Inc. He currently serves as an operating partner for OGCI Climate Investments LLP.
“With these investments, 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”.
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