Ion Clean Energy gets $45M investment from Chevron, names new CEO

BOULDER  — Ion Clean Energy Inc., a carbon-capture technology company for the energy industry, recently received a $45 million investment from Chevron New Energies, a division of Chevron U.S.A. Inc., and Carbon Direct Capital.

As part of the investment, Timothy Vail will join Ion as CEO. Vail previously held that position with Arbor Renewable Gas LLC.

“With these investments, we are well positioned to grow ION into a worldwide provider of high-performance point source capture solutions,” Vail said in a prepared statement. “This capital allows us to accelerate the commercial deployment of our carbon capture technology.”

Ion is developing post-combustion point-source capture technology to reduce the climate impacts of the energy industry.

“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. The investments from Chevron and Carbon Direct Capital are a huge testament to the hard work of our team and the potential of our technology,” ION founder and executive chairman Buz Brown said in a statement. “We appreciate their collaboration and with their investments we expect to accelerate commercial deployment of our technology so that we can realize the kind of wide-ranging commercial and environmental impact we’ve long envisioned.”