ION Clean Energy Announces $45 Million Investment from Chevron New Energies and Carbon Direct Capital and Leadership Transition

ION Clean Energy (ION) announces it has raised $45 million from Chevron New Energies (CNE), a division of Chevron U.S.A. Inc., who is leading the round, and Carbon Direct Capital. ION is a Boulder-based technology company that provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system. 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.

"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," said ION founder and Executive Chairman Buz Brown. "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."

"We continue to make progress on our goal to deliver the full value chain of carbon capture, utilization, and storage (CCUS) as a business, and we believe ION is a part of this solution. ION has consistent proof points in technology performance, recognition from the Department of Energy, partnerships with global brands, and a strong book of business that it brings to the relationship," said Chris Powers, Vice President of CCUS & Emerging with CNE. "ION's solvent technology, combined with Chevron's assets and capabilities, has the potential to reach numerous emitters and support our ambitions of a lower carbon future. We believe collaborations like this are essential to our efforts to grow carbon capture on a global scale."

"We believe ION's novel liquid amine solution is a game-changer for point source carbon capture," commented Jonathan Goldberg, CEO of Carbon Direct Capital. "Especially for asset owners with hard-to-abate waste streams, ION has demonstrated exceptional performance coupled with standout environmental scores. ION has already received validation from the U.S. Department of Energy, EPC partners, and project customers. This round of growth capital is a further endorsement of ION's technology by both financial and strategic investors," said Goldberg.

Leadership Transition

In conjunction with this investment, ION also announced Timothy Vail will join the company as Chief Executive Officer. Vail was previously CEO of Arbor Renewable Gas, LLC. He was also Founder and CEO of G2X Energy, Inc., and serves as an Operating Partner for OGCI Climate Investments, LLP. "With these investments, we are well positioned to grow ION into a worldwide provider of high-performance point source capture solutions," said Vail. "This capital allows us to accelerate the commercial deployment of our carbon capture technology."

CIBC Capital Markets served as the exclusive financial advisor to ION for the raise.

About ION Clean Energy, Inc.

ION was founded in 2008 in Boulder, Colorado and is a worldwide leader in carbon dioxide capture technologies that reduce overall costs and make CO₂ capture a more viable option for hard-to-abate emissions. The company is commercializing proprietary liquid absorbent process technology that demonstrates transformational performance and is more effective and cost efficient than current commercial solutions to capture CO₂ emissions from power generation and industrial point sources. Most significantly, ION's technology can capture more than 95% of CO₂ emissions with extremely low emissions, unprecedented solvent stability, and low energy requirements. www.ioncleanenergy.com.

About Chevron

Chevron is one of the world's leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies. More information about Chevron is available at www.chevron.com.

About Carbon Direct Capital

A new generation of transformative, growth companies has emerged from the carbon management ecosystem. Carbon Direct Capital partners with leading companies in this space. The firm believes that selective investing with a science-focused approach maximizes both climate impact and financial returns. Carbon Direct Capital is headquartered in New York City. For more information visit www.carbondirectcapital.com.