CASSELTON, North Dakota, March 2, 2022 /PRNewswire/ — Today, Summit Carbon Solutions announces a strategic investment from Continental Resources, Inc. (NYSE: CLR) to create the largest carbon capture and sequestration project of its kind in the world.
Continental Resources will engage $250 million over the next two years to help fund the development and construction of the capture, transport and sequestration infrastructure associated with the project, while leveraging its operational and geological expertise to help ensure safe and secure storage CO2.
Summit Carbon Solutions will primarily capture CO2 from ethanol plants and other industrial sources in Iowa, Nebraska, Minnesota, North Dakota and South Dakota. The CO2 will be aggregated and transported to North Dakota via a pipeline, where it will be safely and permanently sequestered in extensively researched underground geological formations.
The project has commitments from 31 partner ethanol facilities to deliver more than 8.0 million metric tons per annum (MMtpa) of CO2, with an initial pipeline capacity of 12.0 MMtpa and expansion capabilities. expansion to handle up to 20.0 MMtpa.
Recognizing the significant growth in demand for low-carbon fuels, Summit began developing plans for the project and its partnerships with ethanol producers in 2019. Leveraging decades of experience and relationships in the biofuels and agriculture sectors, Summit Carbon Solutions was launched in early 2021, and is on track to achieve its goal of being operational in the first half of 2024.
“Summit and Continental have a shared vision to produce clean, cost-effective energy for all Americans. This project will be transformational for the ethanol and agriculture industries and will have substantial economic impact throughout the Midwest,” said Bruce Rasetter, CEO of the Summit agricultural group. “We have engaged with the governors and leaders of the five states involved in the project and are grateful for the outstanding leadership and commitment of each to this initiative.”
“Our focus since launching Summit Carbon Solutions has been to accelerate ethanol’s path to becoming a net-zero carbon fuel, which can be done in the short term and with proven technology,” said Justin Kirchhoff, Chairman of Summit Ag Investors. “To do this, we first partnered with forward-thinking ethanol producers, and now look forward to working with Continental Resources, who have unparalleled experience and knowledge of the Williston Basin in North Dakotawhere we will permanently sequester CO2 from our partner factories.”
“Continental has been actively committed to limiting our carbon footprint for decades through our pioneering work in horizontal drilling, our invention of ECO-Pad technology, and our industry-leading gas capture initiatives. We “We look forward to working with Summit Carbon Solutions to become leaders in carbon capture and sequestration. We believe this project will become a model for the rest of the world,” said the CEO of Continental Resources. Bill Berry. “Carbon capture will play a critical role in reducing global emissions, and we believe Summit Carbon Solutions has the most capital-efficient project to achieve this goal.”
“Continental Resources has been in North Dakota for over 25 years. As the largest dealer and producer in the state, no company knows the geology better than we do. The regulatory environment is second to none and we are grateful to North Dakota leadership, who laid the groundwork for a project like this and who has been a leader in sequestration for almost 20 years. We look forward to once again highlighting their leadership as North Dakota becomes the link for this project,” said the founder and president of Continental Resources Harold Ham.
Definitive investment documentation is being finalized and is subject to customary closing conditions.
Summit Carbon Solutions seeks to reduce greenhouse gas emissions by connecting industrial facilities through strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States. For more information visit: www.summitcarbonsolutions.com
Summit Agricultural Group is a diversified agribusiness operator and investment manager operating in United States and Brazil. Summit deploys capital across the agricultural supply chain with a particular focus at the intersection of agriculture and renewable energy. For more information visit: www.summitag.com
SOURCE Summit Carbon Solutions