Carbon capture technology provider ION Clean Energy is joined by energy giant Chevron's low-carbon solutions specialist Chevron New Energies (CNE), which led the round, and carbon management-focused investor Carbon Direct. announced that it has raised $45 million from investors including Capital.
Founded in 2008 and headquartered in Boulder, Colorado, ION Clean Energy aims to reduce the overall cost of post-combustion carbon capture, making it more viable for hard-to-reduce emissions such as power generation and industry. We provide technology that is intended to be an option. point source. The company's proprietary liquid absorption process technology sends CO2-rich gas from the fuel burned in the boiler to an absorption tower, where its liquid solvent absorbs his CO2. The solvent is then heated to separate the CO2. CO2 can be compressed and transported to be permanently sequestered or used in value-added products.
According to ION Clean Energy, the new capital will be used to fund the company's organic growth and commercial deployment of its ICE-31 liquid amine carbon capture technology.
Buzz Brown, Founder and Executive Chairman of ION, said:
“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 from the rest. The investment from Chevron and Carbon Direct Capital is a great testament to the hard work of our team and the potential of our technology.”
In addition to the new investment, ION also announced the appointment of Timothy Vail as its new CEO. Vail joins the company after serving as CEO of renewable fuels platform Arbor Renewable Gas and as founder and CEO of G2X Energy (now Proman USA, which specializes in converting natural gas to automotive gasoline). I joined the company.
Vail said:
“With these investments, we are well-positioned to grow ION into a global provider of high-performance point source capture solutions. This capital will enable us to accelerate the commercial deployment of our carbon capture technology. Masu.”
Chevron launched CNE in 2021 alongside plans to significantly increase investment in low-carbon businesses to more than $10 billion by 2028. In addition to investing in ION Clean Energy, CNE said it is considering leveraging its ICE-31 technology to serve its customers. Addressing his large and low-level CO2 emissions, he believes this investment will also give him the opportunity to partner with ION customers on projects to scale the technology faster.
Chris Powers, vice president of CCUS and Emerging at CNE, said:
“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 recovery.”
Jonathan Goldberg, CEO of Carbon Direct Capital, added:
“We believe ION’s new liquid amine solution is a game-changer for point source carbon capture. Especially for asset owners with difficult-to-abate waste streams, ION offers Demonstrated superior performance. ION has already received validation from the U.S. Department of Energy, EPC partners, and project customers. This growth funding round provides further support for ION's technology from both financial and strategic investors. It’s what you do.”
