Chevron leads $45-million investment in CCS tech
USA
BOULDER, April 5, 2024 – Chevron New Energies (CNE) and Carbon Direct Capital have invested USD 45 million in ION Clean Energy, a Boulder-based technology company that provides post-combustion point-source capture technology, Chevron and ION announced on Thursday.
The capital injection aims to fund ION’s growth and the commercial deployment of its ICE-31 liquid amine carbon capture technology, which CNE intends to use to service customers with high volumes of low-concentration carbon dioxide emissions.
ION’s technology removes carbon dioxide from flue emission by putting them in contact with a liquid solvent that absorbs the gas. Once the solvent is loaded with carbon dioxide, it is heated to separate the carbon dioxide from the solvent liquid. The solvent is then reused and the captured gas can be compressed and transported for sequestration or to be used industrially.
Buz Brown, ION founder and executive chairman, said, “We appreciate their collaboration and with their investments we expect to accelerate commercial deployment of our technology so that we can realise the kind of wide-ranging commercial and environmental impact we’ve long envisioned.”
Photo by Zoya Loonohod
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