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
NuStar Energy Unitholders Approve Merger with Sunoco
2024-05-02 - The transaction is expected to close on or about May 3, in which NuStar Energy LP will merge with and into a merger subsidiary of Sunoco LP.
Stice: Diamondback’s Small Company Culture Suits Big M&A Appetite
2024-05-01 - Diamondback Energy CEO Travis Stice tells analysts that the company’s nimble nature is among its top qualities, allowing for rapid growth and the successful integration of Endeavor Energy this year.
Comstock Adds Four Whopper Wildcats; Takes Western Haynesville to 450K
2024-05-01 - Comstock Resources' four newest wells, which IP’ed at more than 35 MMcf/d, were landed at up to 19,400 feet total vertical depth.
Marketed: Wylease Niobrara Shale Cloud Peak Opportunity
2024-04-30 - Wylease LLC has retained EnergyNet for the sale of working interest in the Niobrara Shale of Converse County, Wyoming in the Cloud Peak 3874-8-5-1NH.
Enbridge Closes First Utility Transaction with Dominion for $6.6B
2024-03-07 - Enbridge’s purchase of The East Ohio Gas Co. from Dominion is part of $14 billion in M&A the companies announced in September.