ION Clean Energy, a carbon capture and removal technology company, has secured an investment from Chevron New Energies as part of a funding round that brought in $45 million.
Chevron, which led the funding round, said on April 4 it intends to use ION’s ICE-31 liquid amine carbon capture technology to service customers with high volume and low concentration CO2 emissions. The energy company said the investment also gives it a chance to partner with ION customers on projects and help scale the technology.
Amine-based carbon capture uses an amine solvent to remove CO2 from flue gas. Colorado-based ION says its solvent has great stability, bonds faster with CO2 and requires less energy for operation.
“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,” said Chris Powers, vice president of CCUS and emerging, at Chevron New Energies. “We believe collaborations like this are essential to our efforts to grow carbon capture on a global scale.”
ION specializes in post-combustion carbon capture technologies.
Capital raised will fund organizational growth at ION, which also on April 4 named Timothy Vail as its CEO, and commercial deployment of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions, according to a news release.
Chevron said the investment adds conventional amine-based capture technology to its technology portfolio. The company is involved in several carbon capture projects, including the Bayou Bend CCS hub joint venture in Texas as well as the Eastridge, Kern River and McKittrick carbon capture projects in California. It is also among the industry partners looking to deploy large-scale CCS in the Houston area.
Recommended Reading
Moda Midstream II Receives Financial Commitment for Next Round of Development
2024-03-20 - Kingwood, Texas-based Moda Midstream II announced on March 20 that it received an equity commitment from EnCap Flatrock Midstream.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.