Chevron Invests in Carbon Capture And Removal Technology Company, ION Clean Energy; ION Raised $45M In Series A Financing Led By CNE
Portfolio Pulse from Benzinga Newsdesk
Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., has led a $45 million Series A financing round for ION Clean Energy, a company specializing in carbon capture technology. This investment aims to support ION's growth and the commercial deployment of its ICE-31 liquid amine carbon capture technology, targeting hard-to-abate emissions. The collaboration is part of Chevron's strategy to expand its carbon capture, utilization, and storage (CCUS) capabilities and contribute to a lower carbon future. Additionally, Timothy Vail has been appointed as CEO of ION, bringing experience from Arbor Renewable Gas, LLC, and G2X Energy, Inc.
April 04, 2024 | 1:03 pm
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Chevron, through its CNE division, has invested in ION Clean Energy to enhance its carbon capture technology portfolio, aiming to support its CCUS business goals and contribute to a lower carbon future.
Chevron's investment in ION Clean Energy directly aligns with its strategic focus on sustainability and carbon capture technologies. This move is likely to be viewed positively by investors and stakeholders interested in environmental responsibility, potentially leading to a positive short-term impact on Chevron's stock price. The investment not only expands Chevron's technology portfolio but also positions it as a leader in the CCUS sector, which is increasingly important in the global push for lower carbon emissions.
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