Ames, Iowa -- May 11, 2022 -- Today, Summit Carbon Solutions ("Summit"), 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+ million already raised from prior investors, including Continental Resources, Inc. and Tiger Infrastructure Partners, Summit has secured commitments of an additional $400+ million, including $300 million from TPG Rise Climate, the dedicated climate investing strategy of TPG's global impact investing platform TPG Rise.
These commitments and the conclusion of Summit's fundraise come on the heels of its recent announcement of its joint venture with Minnkota Power Cooperative that will provide Summit access to the largest fully permitted permanent carbon dioxide storage site in the United States. Together with the storage sites Summit is developing independently, the joint venture will provide Summit with 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 well capitalized to deliver for all our stakeholders. We are excited to announce TPG Rise Climate's investment and to welcome them as partners in Summit Carbon Solutions," said Bruce Rastetter, CEO of Summit Agricultural Group. "We have been highly selective with our capital raise by searching for partners who share our vision and who bring unique abilities to add value to the company. TPG Rise Climate undoubtedly meets those standards, and we are delighted to have them among our diverse group of strategic partners."
"We could not be more pleased to have TPG Rise Climate as an investor in Summit Carbon Solutions. From the outset, we always knew that successfully executing this project would require expertise and perspective from a wide variety of industries, including agriculture, biofuels, infrastructure, and energy, and we're 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 substantial environmental, social, and economic impact across its project footprint, and we look forward to working with the team at TPG Rise to deliver on that promise."
"The global fight against climate change requires an all-of-the-above approach to decarbonization and low carbon biofuels can play an increasing role," said Hank Paulson, Executive Chairman of TPG Rise Climate and former U.S. Treasury Secretary. "The United States can be a global leader in jump-starting the carbon capture and sequestration industry with innovative companies like Summit Carbon Solutions. We are pleased 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 both extensive 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.
About Summit Carbon Solutions
Summit Carbon Solutions 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.
About TPG Rise Climate
TPG Rise Climate is the dedicated climate investing strategy of TPG's global impact investing platform TPG Rise. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG's investing professionals, the strategic relationships developed across TPG's existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to value-added infrastructure, and focuses on five climate sub-sectors: clean energy and storage, enabling solutions, decarbonized transport, greening industrials, and agriculture & natural solutions. Jim Coulter, TPG Founding Partner and Executive Chairman, serves as Managing Partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate's Executive Chairman. For more information, please visit www.therisefund.com/tpgriseclimate