Summit Carbon Solutions has partnered with biofuel producer POET to annually capture and permanently store more than 4 million metric tons of CO2 from POET’s 17 bioprocessing plants, according to a news release.
The partnership will incorporate POET’s 12 facilities in Iowa and five facilities in South Dakota into Summit’s carbon capture and storage project.
“As the world seeks low-carbon energy solutions, carbon capture ensures that ag-based biofuels will remain competitive for decades to come,” said POET CEO Jeff Broin. “This is a tremendous opportunity to bring value to farmers, bioethanol producers, and rural communities and counties in participating states, and I believe it will unleash even more opportunities for ag and bioprocessing in the future.”
The South Dakota plants will be included in the upcoming state application, aiming to ensure a streamlined integration into Summit’s existing project framework, according to the news release. Separate applications will be filed for the plants in Iowa.
“This initiative is aimed at enhancing the financial profitability of our farmers, contributing to higher land values, and ensuring a more prosperous future for farm families and communities,” said Summit Carbon Solutions CEO Lee Blank. “Our focus is on tangible benefits that directly support the backbone of our nation's agricultural industry.”
Recommended Reading
The Answer to Curbing Permian Associated Gas? More M&A
2024-04-03 - Consolidation will result in less oil production, and therefore less associated gas, as fewer wells are produced, an energy analyst says.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
2024-05-09 - Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.
Exclusive: Rockcliff CEO on $2.7B TGNR Deal, Value of Haynesville M&A
2024-04-10 - Rockcliff Energy CEO and President Alan Smith discusses the ups and downs of executing the transaction with TG Natural Resources and what's on the Rockcliff III radar, in this Hart Energy Exclusive interview.
Civitas, Prioritizing Permian, Jettisons Non-core Colorado Assets
2024-02-27 - After plowing nearly $7 billion into Permian Basin M&A last year, Civitas Resources is selling off non-core acreage from its legacy position in Colorado as part of a $300 million divestiture goal.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.