POET, the world’s largest bioethanol producer, has announced a groundbreaking partnership with Summit Carbon Solutions, the largest carbon capture and storage project in the world. The collaboration will see POET’s 12 facilities in Iowa and five facilities in South Dakota incorporated into the Summit project, facilitating the capture, transportation and permanent storage of 4.7 million metric tons of CO2 annually from the 17 POET bioprocessing plants.
Jeff Broin, POET Founder and CEO, said: “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.”
Bruce Rastetter, Founder and Executive Chairman of Summit Agricultural Group, added: “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.”
Lee Blank, CEO of Summit Carbon Solutions, said: “Our partnership with POET is creating new economic opportunities in agriculture. 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 addition of POET’s facilities in South Dakota will be included in the upcoming state application, while separate applications will be filed for the plants in Iowa, acknowledging the unique requirements and opportunities in each state. This structured approach allows Summit to efficiently expand its project scope while adhering to local regulations and needs.