Capture Tech Firm ION Clean Energy

Carbon capture technology provider ION Clean Energy announced that it has raised $45 million from investors including energy giant Chevron’s low-carbon solutions-focused business Chevron New Energies (CNE), who led the round, and carbon management-focused investor Carbon Direct Capital.

Founded in 2008, Boulder, Colorado-based ION Clean Energy provides technology aimed at reducing the overall costs of post-combustion carbon dioxide capture, enabling it to be a more viable option for hard-to-abate emissions, such as power generation and industrial point sources. The company’s proprietary liquid absorbent process technology diverts CO2-rich gas from fuel burned in a boiler into an absorption tower, where its liquid solvent absorbs the CO2. The solvent is then heated to separate the CO2, which can be compressed and transported to be permanently sequestered or used for value-added products.

According to ION Clean Energy, the new capital will be used to fund the company’s organizational growth, and for the commercial deployment of its ICE-31 liquid amine carbon capture technology.

ION founder and Executive Chairman Buz Brown, said: