POET and Summit Carbon Solutions Announce Carbon Capture Partnership

Partnership will incorporate 17 POET plants, capture 4.7 million metric tons of CO2

AMES, Iowa and SIOUX FALLS, Iowa, Jan. 29, 2024 /PRNewswire/ -- In a major step forward for the future of agriculture and biofuels, POET and Summit Carbon Solutions (Summit) announced a groundbreaking partnership connecting the world's largest biofuel producer with the world's largest carbon capture and storage project. This collaboration brings together two entities—both founded upon creating new agricultural markets and supporting rural communities—to capture the value of the biogenic CO2 from the bioethanol production process.

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The partnership strategically expands the carbon opportunity across the Midwest by incorporating POET's 12 facilities in Iowa and five facilities in South Dakota into the Summit project. This addition will facilitate the capture, transportation, and permanent storage of 4.7 million metric tons of CO2 annually from the 17 POET bioprocessing plants.

"POET is excited to partner with Summit Carbon Solutions on this historic project," said Jeff Broin, POET Founder and CEO. "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."

"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," said Bruce Rastetter, Founder and Executive Chairman of Summit Agricultural Group.

"Our partnership with POET is creating new economic opportunities in agriculture," said Lee Blank, CEO of Summit Carbon Solutions. "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."

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 our project scope while adhering to local regulations and needs.

About Summit Carbon Solutions

Summit Carbon Solutions is driving the future of agriculture by expanding economic opportunities for ethanol producers, strengthening the marketplace for Midwest-based farmers, and creating jobs. In developing the largest carbon capture and storage project in the world, the company seeks to connect industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwest United States. For more information, visit: www.SummitCarbonSolutions.com.

About POET

POET's vision is to create a world in sync with nature. As the world's largest producer of biofuel and a global leader in sustainable bioproducts, POET creates plant-based alternatives to fossil fuels that unleash the regenerative power of agriculture and cultivate opportunities for America's farm families. Founded in 1987 and headquartered in Sioux Falls, POET operates 34 bioprocessing facilities across eight states and employs more than 2,400 team members. With a suite of bioproducts that includes high-quality animal feed, corn oil, green asphalt rejuvenator, purified alcohol, and renewable CO2, POET nurtures an unceasing commitment to innovation and advances powerful, practical solutions to some of the world's most pressing challenges. Today, POET holds more than 100 patents worldwide and continues to break new ground in biotechnology, yielding lower-carbon, more efficient renewable energy and bioproducts.

SOURCE Summit Carbon Solutions