Summit Carbon Solutions Announces Investment from Tiger Infrastructure Partners
AMES, Iowa, April 5, 2022 /PRNewswire/ -- Today, Summit Carbon Solutions ("Summit"), developer of the world's largest carbon capture and storage project, is pleased to announce an additional investment from Tiger Infrastructure Partners ("Tiger"), an original founding investor of Summit Carbon Solutions and a member of its Board of Directors, bringing Tiger's total commitment to the company to $100 million.
Including the commitment from Tiger Infrastructure Partners and the recently announced $250 million commitment from Continental Resources, Inc., Summit has secured over $600 million of equity for its project.
Summit Carbon Solutions was founded in 2020 with the goal of decarbonizing the biofuel and agriculture industries via carbon capture and sequestration. To date, Summit has secured commitments from 20 partner bioethanol companies, representing 31 bioethanol facilities, from which Summit will capture and permanently sequester nearly 9 million tons of carbon dioxide annually. Summit's pipeline infrastructure and sequestration sites in North Dakota will have the capacity to permanently sequester up to 20 million tons of carbon dioxide annually.
"Tiger has been an investor in Summit Carbon Solutions from the very beginning, and we are thrilled with their further commitment to this transformational project," said Bruce Rastetter, CEO of Summit Agricultural Group. "We are fortunate to have known the Tiger team for decades, and through our partnership with them in FS, our Brazilian bioethanol production company, Tiger has demonstrated the ability to bring tremendous value as an investor and as an advisor."
"We discussed the concept of Summit Carbon Solutions with Tiger before we had a single ethanol plant committed to the platform, and as a founding investor, Tiger's insights and broad knowledge across the infrastructure space have helped advance the project in countless ways. They understand this opportunity as well as anyone, and the additional commitment is a great vote of confidence in Summit Carbon Solutions," said Justin Kirchhoff, President of Summit Ag Investors.
"Summit has shown the ability, time and again, to be at the forefront in identifying trends and opportunities at the intersection of agriculture and renewable energy, and Summit Carbon Solutions is emblematic of that," said Emil Henry, CEO of Tiger Infrastructure Partners. "Developing the world's largest carbon capture and sequestration project is an ambitious endeavor, but that type of ambition is necessary to address climate change in a meaningful way, and we look forward to working with Summit to make the project a success for all its stakeholders."
"As an infrastructure investor committed to investing in businesses based on both returns to our investors and on environmental, social, and governance ("ESG") principles, Tiger believes Summit Carbon Solutions is exceptionally well positioned to deliver. It has been a great pleasure from the beginning to see this project take shape, and we are confident in Summit's ability to execute with the world class management team it has assembled. Summit Carbon Solutions will make a substantial and tangible impact our nation's carbon footprint and Tiger is excited to play a key role in its success," said Marc Blair, Managing Director of Tiger Infrastructure Partners.
Summit Carbon Solutions seeks to lower greenhouse gas emissions by connecting industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States. For more information, visit: www.summitcarbonsolutions.com
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SOURCE Summit Carbon Solutions