Chevron backs ION Clean Energy for carbon capture technology
Chevron U.S.A. Inc., through its Chevron New Energies division, has announced a significant investment in ION Clean Energy, a Boulder, Colorado, U.S.-based company specialising in post-combustion carbon capture technology. The investment, which led ION’s USD45 million Series A financing, will support the growth and commercial deployment of ION’s third-generation ICE-31 liquid amine system, designed to capture carbon dioxide emissions from sources with high volume and low concentration.
Chris Powers, vice president of Carbon Capture, Utilization, and Storage (CCUS) & Emerging at Chevron New Energies, emphasised the strategic alignment of this investment with Chevron’s goal to develop a comprehensive CCUS value chain. He highlighted ION’s proven technology, industry recognition, and strong business partnerships as key factors contributing to the collaboration’s potential to advance carbon capture on a global scale.
“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 Powers.
ION’s technology is distinguished by its high capture efficiency, low energy consumption, and exceptional resistance to degradation, according to ION founder and Executive Chairman Buz Brown. The investment from Chevron is seen as a significant endorsement of ION’s technology and team, and is expected to accelerate the commercialisation of their carbon capture solutions.
Series A financing is a term used in the venture capital industry to describe a round of investment in a startup company after it has shown some progress in building its business model and demonstrates the potential to grow and generate revenue. Series A financing is typically used to further develop the product or service, scale the business, and achieve key milestones that will lead to further investment or revenue growth. Investors in Series A financing usually receive equity in the company in exchange for their investment.
In addition to the investment, Timothy Vail has been appointed as ION’s chief executive officer. Vail brings extensive experience in the energy sector, including previous roles as CEO of Arbor Renewable Gas, LLC, and founder and CEO of G2X Energy, Inc. He also serves as an operating partner for OGCI Climate Investments, LLP.
Chevron’s investment in ION complements its existing portfolio of CCUS technologies and expands its technology base to include conventional amine-based capture technology. CIBC Capital Markets acted as the exclusive financial advisor to ION for the fundraising.
About Chevron:
Chevron is a leading global integrated energy company committed to providing affordable, reliable, and increasingly cleaner energy. The company’s operations include the production of crude oil and natural gas, manufacturing of transportation fuels, lubricants, petrochemicals, and additives, as well as the development of innovative technologies for the energy industry. Chevron aims to grow its oil and gas business, reduce the carbon intensity of its operations, and expand its lower carbon businesses.
About ION Clean Energy, Inc.:
Founded in 2008, ION Clean Energy is a global leader in carbon dioxide capture technologies, offering solutions to reduce costs and make CO2 capture more viable for emissions from power generation and industrial sources. The company’s proprietary liquid absorbent process technology captures over 95% of CO2 emissions with low energy requirements and minimal emissions, positioning ION as a key player in the transition to a lower carbon future.
