BAKU, Azerbaijan, April 6. Chevron New Energies (CNE), part of Chevron U.S.A. Inc., has announced a major investment in ION Clean Energy (ION), a tech company in Boulder, Trend reports.
ION specializes in a technology called ICE-31, which captures carbon emissions after burning fuels. CNE led a funding round that raised $45 million for ION. This money will help ION grow and put its carbon capture tech, ICE-31, into wider use for reducing hard-to-capture emissions.
CNE plans to use ICE-31 to help customers with large but dilute CO2 emissions. This investment also allows CNE the chance to collaborate with ION's customers on projects aimed at accelerating the technology's expansion.
"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.