***Press release from Summit Carbon Solutions***
Summit Carbon Solutions has reached a major milestone as it continues to advance its transformative carbon capture, transportation, and storage project. By partnering with 800 Iowa landowners to sign 1,400 easement agreements totaling nearly 350 miles, the company has now secured agreements for more than half of the proposed route in the state and remains on track to begin construction in the third quarter of 2023.
The company is partnering with 32 ethanol plants across the Midwest, including 12 in Iowa, to develop the largest carbon capture and storage project in the world. Through a nearly $1 billion investment in Iowa alone, these partners will be able to sell their product at a premium in the growing number of markets that have adopted low carbon fuel standards. California, the largest ethanol consuming state, and Canada, the largest U.S. ethanol importer, have both adopted policies that incentivize the use of low carbon fuels. Access to these markets is critical to the long-term viability of the ethanol industry that today purchases approximately 40% of all the corn grown in the United States and remains a key driver of commodity prices and land values.
“From the outset of our project, Summit Carbon Solutions has been committed to partnering with landowners to open new economic opportunities for ethanol producers and strengthen the agricultural marketplace for farmers,” Summit Carbon Solutions CEO Lee Blank said. “Securing easement agreements for more than 50% of the proposed route in Iowa clearly demonstrates the momentum behind our project and the growing recognition that carbon capture, transportation and storage projects will enhance our economy, improve environmental outcomes, and generate new sources of revenue for local communities.”
In addition to driving growth in the ethanol and agricultural industries, Summit Carbon Solutions will support local economies across Iowa by investing an average of $31 million in each of the 29 Iowa counties where the project is located during construction, which are dollars that will flow back to hotels, restaurants, hardware stores and other local businesses to generate economic growth. After construction, according to a study by global accounting leader Ernst & Young, Summit Carbon Solutions will pay an average of $1.2 million in new property taxes annually to every Iowa county where the project is located, helping communities support critical local priorities such as schools, road construction, public safety, and more.
More and more landowners are embracing the project and its benefits, generating substantial momentum for this critical infrastructure investment. Summit Carbon Solutions signed easement agreements with more landowners over the past four weeks than any other comparable timeframe since the project was announced. Moreover, while the company has crossed the 50% mark statewide, there are some Iowa counties such as O’Brien, Pottawattamie, Floyd, Crawford, Chickasaw, Greene, and Boone, where it has already secured more than 70% of the proposed route. To date, Summit Carbon Solutions has distributed more than $80 million in easement payments to Iowa landowners.
“Summit Carbon Solutions is incredibly encouraged by the number of landowners who have signed easement agreements to help advance our carbon capture, transportation, and storage project,” Blank said. “We look forward to continuing to meet directly with Iowans to discuss this critical investment, answer their questions, and work together to advance the ethanol and agricultural industries that are so critical to our state and region.”
To learn more about Summit Carbon Solutions, please visit www.SummitCarbonSolutions.com.