In the United States (US), global ethanol major POET LLC and Summit Carbon Solutions (SCS), a Summit Agricultural Group (SAG) affiliate, have announced a landmark partnership connecting one of the world’s largest biofuel producers with one of the world’s largest carbon capture and storage (CCS) projects.
This collaboration brings together two entities—both founded upon creating new agricultural markets and supporting rural communities—to capture the value of the biogenic carbon dioxide (CO2) from the bioethanol production process.
The partnership strategically expands the carbon opportunity across the Midwest by incorporating POET’s 12 facilities in Iowa (IA) and five facilities in South Dakota (SD) into the Summit project.
POET is excited to partner with Summit Carbon Solutions on this historic project. As the world seeks low-carbon energy solutions, carbon capture ensures that ag-based biofuels will remain competitive for decades to come. 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, said Jeff Broin, Founder and CEO of POET.
This addition will facilitate the capture, transportation, and permanent storage of 4.7 million tonnes of CO2 annually from the 17 POET bioprocessing plants.
Today marks a historic day for American agriculture and biofuels. POET is the largest bioethanol producer in the world, and their partnership with Summit Carbon Solutions ensures that decarbonizing bioethanol will lead to exciting new market opportunities for producers, rural economies, and American energy security. I have known Jeff Broin for two decades, and there is no question about his passion, leadership, and influence. It’s an honor to work with him again to help revolutionize biofuels and agriculture for decades to come, said Bruce Rastetter, Founder and Executive Chairman of Summit Agricultural Group.
Strategic timeline
The timeline for the addition of these plants is strategically planned. The plants in South Dakota will be included in the upcoming state application, ensuring a streamlined integration into Summit’s existing project framework.
Meanwhile, for the plants in Iowa, separate applications will be filed, acknowledging the unique requirements and opportunities in each state.
This structured approach allows Summit to efficiently expand its project scope while adhering to local regulations and needs.
Our partnership with POET is creating new economic opportunities in agriculture. 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. Our focus is on tangible benefits that directly support the backbone of our nation’s agricultural industry, said Lee Blank, CEO of Summit Carbon Solutions.
