Vault 44.01 to Construct First CCS Project in Indiana With EPA Class VI Permit Approval

Vault 44.01 ("Vault"), a market leader in the development of carbon capture and sequestration (CCS) projects, today announced that the U.S. Environmental Protection Agency (EPA) Region 5 has issued a final Underground Injection Control (UIC) Class VI permit for the One Carbon Partnership CCS project near Union City, Indiana (the "OCP Project"). One Carbon Partnership is a joint venture between Cardinal Ethanol and Vault.

The OCP Project represents a capital investment of more than $60 million in Randolph County, Indiana, supporting more than 30 local jobs during construction. It will also bolster the local agricultural economy by providing corn growers with access to the growing low-carbon ethanol market. Once operational, the OCP Project will capture and permanently store up to 450,000 metric tons of CO2 annually, with sufficient pore space to safely inject approximately 13.5 million metric tons over 30 years.

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With this approval, Vault joins a select group of CCS developers to receive EPA authorization for a Class VI permit. Vault continues to establish itself as a leader in the CCS industry, demonstrating the technical and regulatory expertise required to deliver safe carbon sequestration solutions at scale.

"This is a defining moment for Vault and Cardinal Ethanol and a powerful validation of Vault's technical expertise, commitment to stakeholder engagement, and disciplined approach to project execution," said Scott Rennie, President and CEO of Vault. "We have developed our company with a core objective of advancing the CCS industry in partnership with business, community, government, and capital partners, and with EPA's recent approval, we are excited to build our first project in Indiana. We are particularly grateful to our partners at Cardinal for their support and commitment to our shared vision for this project."

"Cardinal Ethanol remains committed to improving our world by continuously reducing our carbon footprint and maintaining the highest standards of operational excellence," said Rob Davis, Chairman of Cardinal Ethanol's Board of Directors. "The EPA's approval underscores our project's soundness, its community support, and reinforces our commitment to value creation for our owners and neighbors. Together with Vault, we are taking an important step toward a zero-emission liquid fuel solution."

Vault is advancing an industry-leading portfolio of CCS projects with ethanol industry partners to deliver tangible emissions reductions that provide economic benefits to local farmers, communities, and Vault's ethanol partners. Vault's growing pipeline currently includes 10 projects spanning five states and positions Vault among the most active CCS developers in the country, with the associated Class VI permits advancing through the EPA approval process.

Building on its core projects in the ethanol industry, Vault is actively expanding its CCS expertise into new sectors, with projects in development spanning decarbonized baseload power, hydrogen, cement, and fiber-based manufacturing.

About Vault 44.01

Vault, a portfolio company of Grey Rock Investment Partners, is a leading CCS project developer focused on the development, capitalization, and operation of carbon sequestration assets throughout North America. Vault's core management, technical, and execution team brings more than 100 years of direct carbon sequestration experience, with involvement in the development of carbon sequestration projects across North America since 2001. The company is currently engaged in more than 10 CCS projects throughout North America that focus on development of carbon sequestration sites near customer industrial facilities. For more information, visit www.vault4401.com.

About Grey Rock Investment Partners

Grey Rock Investment Partners is a private equity firm with more than $1.3 billion in asset value across its private equity fund platform. The firm invests across the energy value chain with private equity funds focusing on investments in natural resources, carbon capture, industrial electrification, power optimization, and geothermal. For more information, visit https://www.grey-rock.com/.

About Cardinal Ethanol, LLC

Headquartered in Union City, Indiana, Cardinal Ethanol is an industry leader in ethanol production in Indiana and Kansas. Cardinal Ethanol offers a variety of co-products including DDGS, distiller's corn oil, high protein feed, and CO2. Cardinal Ethanol continues to bring value to its shareholders by utilizing the latest technologies, advances in fermentation, co-product diversification, and the expertise of key partners. For more information regarding Cardinal Ethanol, LLC, visit www.cardinalethanol.com.

SOURCE Vault 44.01