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Chevron Corp (NYSE:CVX) division Chevron New Energies made a significant investment in ION Clean Energy, a technology company based in Boulder, Colorado.
ION specializes in post-combustion point-source capture technology, particularly through its third-generation ICE-31 liquid amine system.
The investment amounts to $45 million in Series A financing and is set to facilitate ION’s growth and the commercial rollout of its ICE-31 liquid amine carbon capture technology for hard-to-abate emissions.
The strategic collaboration between CNE and ION aims to leverage ION’s cutting-edge technology to address emissions from industries with high-volume but low-concentration CO2 emissions.
Also Read: Chevron JV Launches New Drilling Campaign In Venezuela: Report
Overall, Chevron’s investment in ION expands its technology portfolio to include conventional amine-based capture technology, complementing its existing suite of CCUS technologies.
The collaboration between Chevron and ION represents a significant step forward in the pursuit of a lower carbon future and underscores the importance of innovative partnerships in addressing climate change.
Price Action: CVX shares are trading higher by 0.64% at $161.47 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Jonathan Weiss on Shutterstock
Posted In: CVX
