Summit Carbon Solutions Announces Financial Advisor Engagements
(AMES, Iowa) February 18, 2022 – Summit Carbon Solutions, developer of the world’s largest carbon capture and storage project, announced it has engaged Morgan Stanley and CohnReznick Capital as financial structuring advisors for Summit’s $4.5 billion project, which will be capable of capturing and permanently storing over 12 million tons per year of carbon dioxide.
Morgan Stanley will lead all project-level debt structuring advisory services, and CohnReznick Capital will advise Summit on tax equity financing.
“Since the launch of Summit Carbon Solutions, we’ve seen a significant increase of market interest in the carbon capture space,” said Aaron Hood, Chief Financial Officer of Summit Carbon Solutions. Mr. Hood noted that Morgan Stanley’s and CohnReznick’s long leadership in sustainability, along with their industrial and technical knowledge across the project finance and tax equity markets, would provide strong execution capabilities to support Summit Carbon Solutions’ leading carbon capture and storage system. “As we continue to engage and work with all stakeholders in developing and constructing the largest and most advanced interstate carbon capture and storage system in the world, we’re delighted to be working with these two firms.”
Summit Carbon Solutions’ project, scheduled to be completed in the first half of 2024, will connect 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.
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