We see that you have javascript disabled. Please enable javascript and refresh the page to continue reading local news. If you feel you have received this message in error, please contact the customer support team at 1-833-248-7801.

ADVERTISEMENT

ADVERTISEMENT

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.

propopsed Summit C02 pipeline.png
The proposed Summit Carbon Solutions pipeline could capture carbon dioxide from ethanol plants, such as Granite Falls Energy LLC in Granite Falls, Minnesota, which would help reduce the ethanol plants' overall carbon footprint.
Contributed / Summit Carbon Solutions
We are part of The Trust 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.

Leaders say the partnership agreement creates the chance to cooperate instead of compete on a goal they both desire – the reduction of carbon emissions, and the success of rural communities.

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.

ADVERTISEMENT

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.

What to read next
A close family friend says the couple had confided in her about a suicide pact due to their declining health. Both had been diagnosed with cancer.
The couple and their two dogs were found dead at a residence in Lakeview Township, near Detroit Lakes, on Sept. 27.
WDAY News received clarity from the Moorhead superintendent about proposed debt collection for student lunch accounts.
With THC businesses cropping up across Minnesota, both city leaders and store owners are testing the boundaries of the state's new law. It has a lot of cities responding with temporary moratoriums.