Chevron New Energies (CNE), a division of Chevron USA Inc., announced a lead investment in ION Clean Energy (ION), a Boulder-based technology company that provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system.

ION raised $45 million in Series A financing led by CNE. The capital raised will continue to fund ION’s organizational growth and commercial deployment of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions.

CNE looks to use ION’s ICE-31 technology to service customers with high volume and low concentration CO₂ emissions. This investment also provides CNE with the opportunity to partner with ION customers on projects to scale the technology sooner.

This investment in ION expands Chevron’s technology portfolio to include conventional amine-based capture technology while complementing an existing portfolio of CCUS technologies. CIBC Capital Markets served as the exclusive financial advisor to ION for the raise.