ION Clean Energy announced it has raised $45 million from Chevron New Energies (CNE), a division of Chevron U.S.A., who is leading the round, and Carbon Direct Capital. ION Clean Energy is a Boulder-based company that offers post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system.
This funding will continue to fund ION’s organizational growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions.
In connection with this investment, ION Clean Energy also announced Timothy Vail will join the company as CEO. And Vail was previously CEO of Arbor Renewable Gas. He was also founder and CEO of G2X Energy and serves as an Operating Partner for OGCI Climate Investments, LLP.
CIBC Capital Markets served as the exclusive financial advisor to ION Clean Energy for the funding raise.
KEY QUOTES:
“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. 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.”
– ION founder and Executive Chairman Buz Brown
“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.”
– Chris Powers, Vice President of CCUS & Emerging with CNE
“We believe ION’s novel liquid amine solution is a game-changer for point source carbon capture. 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,” said Goldberg.
– Jonathan Goldberg, CEO of Carbon Direct Capital
“With these investments, 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.”
– Timothy Vail
