Chevron New Energies (CNE), a division of Chevron U.S.A. Inc.,
announced a lead investment in ION Clean Energy (ION), a
Boulder-based technology company that provides post-combustion
point-source capture technology through its third-generation ICE-31
liquid amine system. ION raised $45 million in Series A financing
led by CNE. The capital raised 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.
CNE looks to use ION’s ICE-31 technology to service customers
with high volume and low concentration CO2 emissions. This
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, 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
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. We believe
collaborations like this are essential to our efforts to grow
carbon capture on a global scale.”
“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,” said ION founder and Executive Chairman Buz Brown.
“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.”
In conjunction with this investment, ION also announced Timothy
Vail will join the company as Chief Executive Officer. Vail was
previously CEO of Arbor Renewable Gas, LLC. He was also Founder and
CEO of G2X Energy, Inc., and serves as an Operating Partner for
OGCI Climate Investments, LLP.
“With this investment, we are well positioned to grow ION into a
worldwide provider of high-performance point source capture
solutions.” said Vail. “This capital allows us to accelerate the
commercial deployment of our carbon capture technology.”
This investment in ION expands Chevron’s technology portfolio to
include conventional amine-based capture technology while
complementing an existing portfolio of CCUS technologies. CIBC
Capital Markets served as the exclusive financial advisor to ION
for the raise.
About Chevron
Chevron (NYSE: CVX) is one of the world’s leading integrated
energy companies. We believe affordable, reliable and ever-cleaner
energy is essential to enabling human progress. Chevron produces
crude oil and natural gas; manufactures transportation fuels,
lubricants, petrochemicals and additives; and develops technologies
that enhance our business and the industry. We aim to grow our oil
and gas business, lower the carbon intensity of our operations and
grow lower carbon businesses in renewable fuels, carbon capture and
offsets, hydrogen and other emerging technologies. More information
about Chevron is available at www.chevron.com.
About ION Clean Energy, Inc.
ION was founded in 2008 in Boulder, Colorado and is a worldwide
leader in carbon dioxide capture technologies that reduce overall
costs and make CO2 capture a more viable option for hard-to-abate
emissions. The company is commercializing proprietary liquid
absorbent process technology that demonstrates transformational
performance and is more effective and cost efficient than current
commercial solutions to capture CO2 emissions from power generation
and industrial point sources. Most significantly, ION’s technology
can capture more than 95% of CO2 emissions with extremely low
emissions, unprecedented solvent stability, and low energy
requirements. www.ioncleanenergy.com.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE
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Energy, Inc. and achieve the anticipated benefits from the
transaction, including the expected incremental annual free cash
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anticipated economic benefits, including as a result of regulatory
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the expected time period; the possibility that any of the
anticipated benefits and projected synergies of the potential
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in corporate liquidity and access to debt markets; changes to the
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accounting rules under generally accepted accounting principles
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in the global energy industry; and the factors set forth under the
heading “Risk Factors” on pages 20 through 26 of the company’s 2023
Annual Report on Form 10-K and in subsequent filings with the U.S.
Securities and Exchange Commission. Other unpredictable or unknown
factors not discussed in this news release could also have material
adverse effects on forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240404629663/en/
Chevron Allison Cook ACook@chevron.com (228) 623-4616
ION Clean Energy, Inc. Ryan Skubic
ryan.skubic@ioncleanenergy.com (303) 997-7097
Chevron (NYSE:CVX)
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