In the United States (US), Summit Carbon Solutions (SCS), a Summit Agricultural Group (SAG) affiliate has announced the successful completion of its equity fundraising efforts, which have resulted in over US$1 billion in total equity commitments.
Summit Carbon Solutions (Summit) is developing one of the world’s largest carbon capture and storage (CCS) projects in the United States.
Once fully deployed, it will capture and permanently store up to 20 million tonnes per year of carbon dioxide (CO2) from dozens of ethanol and other industrial facilities across the Midwest.
The company has closed on its latest investment round.
Summit Carbon Solutions continues to make great strides in the development of its transformational decarbonization project, and the completion of this fundraise ensures we will be well-capitalized to deliver for all our stakeholders. We are excited to announce TPG Rise Climate’s investment and to welcome them as partners in Summit Carbon Solutions, said Bruce Rastetter, CEO of Summit Agricultural Group.
Along with the US$600+ million already raised from prior investors, including Continental Resources, Inc. and Tiger Infrastructure Partners, Summit has secured commitments of an additional US$400+ million, including US$300 million from TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise.
The global fight against climate change requires an all-of-the-above approach to decarbonization and low carbon biofuels can play an increasing role, said Hank Paulson, Executive Chairman of TPG Rise Climate and former US Treasury Secretary.
We have been highly selective with our capital raising by searching for partners who share our vision and who bring unique abilities to add value to the company. TPG Rise Climate undoubtedly meets those standards, and we are delighted to have them among our diverse group of strategic partners, Bruce Rastetter said.
These commitments and the conclusion of Summit’s fundraising come on the heels of its recent announcement of its joint venture with Minnkota Power Cooperative that will provide Summit access to the largest fully permitted permanent carbon dioxide storage site in the United States.
We could not be more pleased to have TPG Rise Climate as an investor in Summit Carbon Solutions. From the outset, we always knew that successfully executing this project would require expertise and perspective from a wide variety of industries, including agriculture, biofuels, infrastructure, and energy, and we’re proud to say that Summit is joined by world-class partners and investors across that spectrum, now including TPG Rise Climate, said Justin Kirchhoff, President of Summit Ag Investors.
Together with the storage sites, Summit is developing independently, the joint venture will provide Summit with a total storage capacity of approximately 1.2 billion tonnes of CO2.
A project of this size and complexity requires both extensive expertise in infrastructure and project development as well as substantial impact-driven capital. We are proud to join Summit Carbon Solutions and other high-caliber investors to bring TPG Rise Climate’s unique skillset to this ambitious, first-of-its-kind project, said Mike Stone, Chief Investment Officer of TPG Rise.
