Chevron Buys Stake In Carbon Capture Company ION Clean Energy

Chevron Buys Stake In Carbon Capture Company ION Clean Energy - Carbon Herald

US oil and gas corporation Chevron has just acquired a stake in carbon capture developer ION Clean Energy.

Chevron led a $45-million Series A funding round in ION Clean Energy, but has not disclosed the exact amount of its investment in the company. 

The investment, according to Chevron, will go towards advancing the commercialization of ION’s technology.

ION is among the older carbon capture firms, having been on the market since 2008, and specializes in developing amine-based carbon capture technology, designed particularly for hard-to-abate sectors with high volumes but low concentrations of carbon emissions.

The approach works by collecting flue gas into an absorption tower, where CO2 is absorbed by liquid solvent at a capture rate of up to 99%, whereas the remaining flue gas is released into the air. 

Relevant: Chevron And JX To Collaborate On Development Of CCS Value Chain

In turn, the CO2 is then passed through a heat exchanger, after which it is compressed and transported to a storage location or is utilized further, for instance, to create products of value.

This latest fundraising round is not the only investment to be received by ION recently. Namely, the company was also awarded over $80 million by the US Department of Energy (DOE).

The deal between Chevron and ION also marks yet another step in Chevron’s large-scale adoption of carbon capture technology, as the oil and gas supermajor has already inked a series of similar agreements with other partners in the last few months. 

Relevant: Chevron To Use Carbon Capture Technology From Fluor

Chris Powers, vice president of CCUS & Emerging with CNE, commented: “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,” Powers said.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »