Summit Carbon Solutions equity campaign for 5-state carbon capture project reaches $1 billion in commitments
Summit Carbon Solutions is proposing to build the world's largest carbon capture and sequestration project. Ethanol plants in Atwater and Granite Falls, Minnesota, are part of the project.
AMES, Iowa — Summit Carbon Solutions announced Wednesday that it has completed an equity fundraising campaign for its carbon capture and storage project.
It has resulted in more than $1 billion in total equity commitments, according to the company.
Summit is proposing a 2,000-mile pipeline to connect ethanol plants in Minnesota, Iowa, Nebraska, South Dakota and North Dakota. The Granite Falls Energy and Bushmills Ethanol plants in Granite Falls and Atwater are among the Minnesota plants that are part of the project.
The company had previously raised more than $600 million from investors including Continental Resources Inc. and Tiger Infrastructure Partners, and the company secured more than $400 million in additional commitments, including $300 million from TPG Rise Climate.
Summit Carbon Solutions recently entered into a joint venture with Minnkota Power Cooperative. That agreement will provide it with access to what it describes as the largest fully permitted permanent carbon dioxide storage site in the United States.
According to a previous story about the partnership agreement, Minnkota has a 100 million-ton underground storage facility near Center, North Dakota.
Together with the storage sites Summit is developing independently, the joint venture will provide Summit with a total storage capacity of approximately 1.2 billion tons of carbon dioxide, according to the company announcement.