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On May 11, Summit Carbon Solutions, developer of the world’s largest carbon capture and storage project, which will capture and permanently store up to 20 million tons per year of carbon dioxide from dozens of ethanol and other industrial facilities across the Midwestern United States, is pleased to announce the successful completion of its equity fundraising efforts, which have resulted in over $ 1 billion in total equity commitments.
Along with the $ 600-plus million already raised by prior investors, including Continental Resources, Inc. and Tiger Infrastructure Partners, TPG’s global impact investing platform
These commitments and the conclusion of the Mutual Fund Funds are available in the United States. 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 tons of carbon dioxide.
“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 better capitalized to deliver to all our stakeholders. We are excited to announce TPG Rise Climate’s investment and welcome them as partners in Summit Carbon Solutions, ”said Bruce Rastetter, CEO of Summit Agricultural Group. “We have been highly selective with our capital raising company and our company. TPG Rise Climate undoubtedly meets those standards, and we are delighted to have them among our diverse group of strategic partners. ”
TPG Rise Climate is the investor in Summit Carbon Solutions. From the outset, we have always known that the project would require expertise and perspective from a wide variety of industries, including agriculture, biofuels, infrastructure, and energy, and we are 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. “Summit Carbon Solutions will make a significant environmental, social, and economic impact across its project footprint, and look forward to working with the team at TPG Rise to deliver on that promise.”
“The global fight against climate change requires an increasing role for decarbonization and low carbon biofuels and can play an increasing role,” said Hank Paulson, executive chairman of TPG Rise Climate and former US Treasury Secretary. “The United States can be a global leader in carbon capture and sequencing industry with innovative companies like Summit Carbon Solutions. We are happy to be working with the team at Summit on this groundbreaking endeavor and look forward to the opportunities it will create. ”
“A project of this size and complexity requires considerable 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.