Summit Agricultural Group Announces Creation of Summit Carbon Solutions and World’s Largest Carbon Capture and Storage Project
Expected to be operational in 2024, Summit Carbon Solutions will be the largest carbon capture and storage project in the world
New venture’s impact will offset the carbon footprint equivalent of over two million cars per year
Infrastructure capable of capturing, transporting, and permanently storing approximately 10 million tons of carbon dioxide annually
Will reduce the carbon footprint of partner biorefineries by up to 50 percent, propelling them on the path of delivering a net-zero-carbon fuel
(ALDEN, Iowa) February 18th, 2021 – Today, Summit Agricultural Group announces the creation of Summit Carbon Solutions, a new business platform that will address the global challenge of decarbonization by developing the world’s largest carbon capture and storage project. In doing so, Summit Carbon Solutions will accelerate the transition toward sustainable, renewable energy by dramatically lowering the carbon footprint of biorefineries and other carbon dioxide emission sources throughout the Midwestern region of the United States.
When fully developed, Summit Carbon Solutions will have an infrastructure network capable of capturing and permanently storing more than 10 million tons of carbon dioxide annually, which is equivalent to taking 2 million cars off the road per year. In addition to the project’s positive environmental impact, it will enhance the economic sustainability of the biofuels and agriculture industries, while providing tremendous benefits to communities across the Midwest in the form of significant private investment and job creation.
Summit Carbon Solutions has partnered with a select group of leading biorefiners located in Iowa, Minnesota, South Dakota, and North Dakota to execute the first phase of the project, which will put them on the path of ultimately delivering a net-zero-carbon fuel. In addition to biorefiners, Summit Carbon Solutions will partner with other industries throughout the Midwest that have carbon reduction goals to help them capture and store their carbon emissions.
“This is a giant leap forward for the biofuels industry,” said Bruce Rastetter, CEO of Summit Agricultural Group. “Carbon capture and storage is a future-focused solution that allows the biorefiners to lower their already attractive carbon footprint by up to 50 percent.”
“Simply put, this will be the most impactful development for the biofuels industry and Midwestern agriculture in decades,” Rastetter added. “We are grateful for our partnership with a significant group of forward-thinking biorefiners who have agreed to partner with us on this exciting new venture.”
Summit Carbon Solutions is proceeding with initial engineering, design and permitting associated with the project, which will permanently store carbon dioxide in underground saline geologic formations.
“Summit Carbon Solutions is a truly transformational project,” said Summit Ag Investors President Justin Kirchhoff. “This opportunity helps satisfy the urgent global need to decarbonize and meets the ever-growing demand for low carbon fuels by collaborating with leading biorefineries to capture and store carbon on a scale not yet achieved anywhere in the world.”
Summit Agricultural Group is a diversified agribusiness operator and investment manager with operations in the United States and Brazil. Summit deploys capital across the agricultural supply chain with a particular focus at the intersection of agriculture and renewable energy.