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Summit Agriculture Group launches project to reduce carbon footprint of biorefineries

February 23, 2021

Summit Agricultural Group—an Alden, Iowa-based agricultural investment and farm management company—has announced the creation of Summit Carbon Solutions, a new business platform intended to develop the world’s largest carbon capture and storage project.

Expected to be operational in 2024, the Summit Carbon Solutions project will significantly lower 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.

“This is a giant leap forward for the biofuels industry,” said Bruce Rastetter, CEO of Summit Agricultural Group in an announcement. “Carbon capture and storage is a future-focused solution that allows the biorefineries to lower their carbon footprint by up to 50 percent.”

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.

“Simply put, this will be the most impactful development for the biofuels industry and Midwestern agriculture in decades,” Rastetter said. “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.”

Previous coverage

Summit Agriculture Group forms $300 million ag fund -Aug. 27, 2018

Tags: Summit Agricultural Group Summit Carbon Solutions

Summit Agriculture Group launches project to reduce carbon footprint of biorefineries | Clay & Milk

A central Iowa ag-tech accelerator has secured more backers and finally has a name. The Greater Des Moines Partnership first announced the accelerator last year, naming four initial investors. On Monday, the Partnership said the program will be called the "Iowa AgriTech Accelerator" and named three new investors. The new investors include Grinnell Mutual, Kent Corp. and Sukup Manufacturing, all Iowa companies. They join investors Deere & Co., Peoples Co., Farmers Mutual Hail Insurance Co. and DuPont Pioneer. Each investor has agreed to put up $100,000 for the first year of the accelerator. Startups entering the program will receive $40,000 in seed funding in exchange for 6 percent equity. Tej Dhawan, an angel investor and local startup mentor, is serving as interim director until the AgriTech Accelerator names a permanent leader. Dhawan held a similar role with the GIA before Brian Hemesath was named as managing director. As interim director, Dhawan said his main job includes hiring the accelerator's executive director, establishing a business structure and initial recruiting for the first cohort. The accelerator will place few filters, such as location and product, on the applicant pool, Dhawan said. "When you’re seeking innovation, innovation can come from every corner of the world so why restrict ourselves," he said. One area the the AgriTech Accelerator won't recruit from is biotech. For its first cohort, the AgriTech Accelerator will work out of the GIA's space in Des Moines' East Village, Dhawan said. A future, permanent home is still to be decided. The accelerator's program will host startups from mid-July through mid-October, ending with an event connected to the annual World Food Prize. The GIA, which the AgriTech Accelerator is based on, also ends with presentations at an industry event. The accelerator has also started lining up a mentor pool. The Iowa Corn Growers Association, Iowa Soybean Association and the Iowa Pork Producers Association have agreed to provide mentors, as has Iowa State University. While the AgriTech Accelerator is loosely based off of the GIA, it will differ in its business structure, Dhawan said. The GIA runs through a for-profit model for both operations and its investment fund. The AgriTech Accelerator will have a nonprofit model for its operations and a for-profit setup for its fund. Dhawan said the nonprofit model is being used so the accelerator can better work with other nonprofit partners, such as trade associations. "These are all organizations that are nonprofits and can be amazing stakeholders without ever having to be investors in the accelerator," he said. "It becomes easier to work with trade associations in their nonprofit role when we are also a nonprofit." When it's up and running, the AgriTech Accelerator would be one of a handful of ag-focused startup development programs in Iowa. Others include the Ag Startup Engine out of Iowa State University and the Rural Ventures Alliance from Iowa MicroLoan. Matthew Patane is the managing editor and co-founder of Clay & Milk. Send him an email at mpatane@clayandmilk.com.

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