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08 Apr 2024

Chevron New Energies led the investment round for the commercial deployment of ION’s technology

Amy Power
Chevron New Energies led the investment round for the commercial deployment of ION’s technology

Chevron New Energies (CNE) recently agreed to lead the $45 million investment round. This investment round, had the main focus of helping to fund the commercial deployment of ION’s ICE-31 liquid amine carbon capture technology. This technology would go into the constant drive of decarbonising hard-to-abate emissions.

During the funding round, CNE stated they, ‘will look to use ION’s ICE-31 technology to service customers with high volume and low concentration CO2 emissions and also partner with ION customers on projects to scale the technology sooner.’

This investment that is being made into ION, will significantly benefit Chevron’s technology portfolio as it will expand it, so that it now includes conventional amine-based capture technology. This is a brilliant expansion on Chevron’s portfolio, which also includes a larger collection of CCUS technologies.

Along with the investment, ION has taken other steps forward, in the form of welcoming a new Chief Executive Officer, Timothy Vail. Vail joins the company with a large number of other significant roles behind him, including being the CEO of Arbor Renewable Gas, LLC. Plus, he was Founder and CEO of G2X Energy Inc., and finally, he has served as an Operating Partner for OGCI Climate Investments, LLP.

Vail commented, “With this investment, we are well positioned to grow ION into a worldwide provider of high-performance point source capture solutions. This capital allows us to accelerate the commercial deployment of our carbon capture technology.”

ION founder and Executive Chairman, Buz Brown, added, “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. 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.”

Vice president of CCUS & Emerging with CNE, Chris Powers, mentioned, “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. 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.”


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