Chevron invests in ION carbon capture developer
SUMMARY
ION Clean Energy is developing a liquid amine-based capture solution for low-concentration emitters.
By Dale LunanUS major Chevron, through its Chevron New Energies (CNE) division, said April 4 it had made a lead investment in Colorado-based ION Clean Energy, which provides post-combustion point-source carbon capture technology using its third generation ICE-31 liquid amine system.
CNE’s investment was part of a $45mn Series A financing that it led, with participation from Carbon Direct Capital. Funds raised will target ION’s organisational growth and commercial deployment of the ICE-31 system.
CNE plans to use ICE-31 technology to service customers with high volume and low concentration CO2 emissions, Chevron said. The investment also provides CNE with the opportunity to partner with ION customers on projects to scale the technology sooner.
“We continue to make progress on our goal to deliver the full value chain of carbon capture, utilisation, and storage (CCUS) as a business, and we believe ION is a part of this solution,” 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.”
Alongside the investments by CNE and Carbon Direct Capital, ION said Timothy Vail would join the company as CEO. Vail was previously CEO of Arbor Renewable Gas and was founder and CEO of G2X Energy.
