AMES, Iowa, Sept. 19, 2022 /PRNewswire/ -- Summit Carbon Solutions, developer of the world's largest carbon capture and storage project, announced it has engaged CIBC World Markets Corp. (CIBC) as financial structuring advisor for the company's $4.5 billion project, which will be capable of capturing and permanently storing more than 12 million tons of carbon dioxide every year.
CIBC will partner with Morgan Stanley in advising Summit Carbon Solutions on project-level debt structuring.
"Summit Carbon Solutions was formed to drive growth and to enhance the sustainability of critical Midwest-based industries and CIBC is a strong addition to our advisory team with its expertise across energy project finance to complement Morgan Stanley and CohnReznick," Summit Carbon Solutions' Chief Financial Officer Aaron Hood said.
Summit Carbon Solutions' project, scheduled to be completed in 2024, will connect more than 30 ethanol and nitrogen production facilities across the states of Iowa, Minnesota, North Dakota, South Dakota, and Nebraska. Carbon dioxide captured from these production facilities will be aggregated and transported through an approximately 2,000-mile pipeline network, terminating in North Dakota, where the carbon dioxide will be safely and permanently stored in deep subsurface geologic formations.
To learn more about Summit Carbon Solutions, please visit www.SummitCarbonSolutions.com.
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 lower greenhouse gas emissions by connecting industrial facilities via strategic infrastructure to store carbon dioxide safely and permanently in the Midwestern United States. For more information, visit: www.SummitCarbonSolutions.com.
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SOURCE Summit Carbon Solutions