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